European Investment Bank has agreed to provide £225million for the Galloper Wind Farm Ltd to be constructed 27 km off the Suffolk Coast.
The project also represents the UK’s first pre-construction offshore wind project finance deal.
This is the first UK project to be backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The £1.5 billion UK renewable energy project is set to create over 700 jobs during construction and nearly a hundred once operational. Already more than £150 million has been spent during development of the scheme and once operational Galloper will use 56 six megawatt turbines.
The European Investment Bank is supporting the Galloper project alongside a consortium of 12 commercial banks.
Over the last 5 years the European Investment Bank has provided more than EUR 5 billion for investment in offshore wind farms in the North Sea off the UK, Belgian, Dutch and German coasts, as well as offshore transmission links to connect offshore wind farms to national electricity networks.
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The world’s largest floating offshore wind development will be installed off the coast of Peterhead after the application has been granted a marine licence by the Scottish Government. It is expected that the Hywind Scotland development could power up to 19,900 houses. READ MORE
DONG Energy has decided to construct the 660MW Walney Extension Offshore Wind Farm in the Irish Sea, approximately 19 kilometres off the coast of Cumbria.
The final investment decision has been taken after securing all necessary consents from relevant authorities, completing site assessments and having signed the majority of the contracts for supply and installation to build the project.
Walney Extension is expected to be fully commissioned in 2018, at which time it will be the biggest offshore wind farm in the world, surpassing the 630MW London Array Offshore Wind Farm which was commissioned in 2014 by DONG Energy and its partners. The wind farm will be constructed and operated under the UK’s EMR FID-enabling regime with a fixed price for the first 15 years of production. READ MORE