European Investment Bank to provide €1.2 billion loan to RWE for offshore wind project
The European Investment Bank announced in a press release that it would provide a €1.2 billion loan to RWE to finance the construction of the 1.1-gigawatts (GW) offshore wind farm in the North Sea.
The loan will “co-finance monopile foundations, turbines, inter-array cabling, an offshore converter station, export cables, a section of onshore cables and an onshore substation.”
The Thor Wind Farm will be constructed in the Danish part of the North Sea and, once completed, will be the largest wind farm in Denmark.
The project is situated on the west coast of Jutland. The main offshore installation works are slated for 2025 and 2026. The wind farm is anticipated to commence operations by the end of 2027.
Also read: RWE to build Australia’s first eight-hour battery storage system
The wind farm, being constructed by RWE, will have 72 wind turbines, each producing 15 megawatts (MW).
According to the release, the wind farm will have the capacity to produce green electricity sufficient to power more than a million homes in Denmark.
Michael Müller, RWE’s CFO, said, “At RWE, we are fully committed to working towards a net-zero energy system. This loan at attractive terms helps to further diversify our funding sources. With our Growing Green investment programme, we are investing heavily in renewables.”
He added, “And we are also focusing on circularity. That is why we are installing recyclable rotor blades at Thor and are the first developer in the world to pilot new CO2-reduced steel towers that significantly reduce the carbon footprint of wind turbines.”
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