EU bank lends £525m for UK offshore wind farm

The European Investment Bank (EIB) is backing an offshore wind farm in the UK with a £525 million loan. It follows energy company SSE and its partners giving the green […]

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By Priyanka Shrestha

The European Investment Bank (EIB) is backing an offshore wind farm in the UK with a £525 million loan.

It follows energy company SSE and its partners giving the green light for the £2.6 billion project to be built in the Outer Moray Firth earlier this week.

It is the single largest investment in an offshore wind farm by the EU bank.

The 86-turbine Beatrice wind farm will generate up to 588MW of renewable power – enough for roughly 450,000 homes.

Jonathan Taylor, European Investment Bank Vice President said: “Investment in offshore wind is crucial to harnessing the full potential of Scotland’s renewable energy resources. The European Investment Bank is one of the world’s largest lenders for renewable energy and our backing for Beatrice represents the EIB’s largest ever support for offshore wind investment.

“We are pleased to provide £525 million to support construction of the Beatrice windfarm that will strengthen renewable energy generation in Scotland.”