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Recently, the European Investment Bank agreed to provide $450 million in financial support for French offshore wind farms, which marks a key moment for the European Investment Bank to become the EU's "climate bank" and its first financial support
for French offshore wind farms.
The 71-turbine Fécamp project, located 13 kilometers off the coast of Normandy, is jointly developed by a consortium of EDF renewables, Enbridge and Wpd, with a total installed capacity of 497MW.
Last year, France's Council of State, France's highest administrative court, approved Fécamp's revocation of a series of legal challenges, marking the completion of the project's approval process
.
It was announced last week that Fécamp will cost a total of 2 billion euros and is now expected to go online
in 2023.
EU funds have been allocated
as part of the bank's European Fund for Strategic Investments.
According to EIB news reports, the wind farm will provide enough power to meet the needs of 770,000 people and maintain about 100 permanent jobs
at a nearby port.
Siemens Gamesa Renewable Energy (SGRE) announced last year that it will build an industrial offshore wind farm in the port of Le Havre to produce blades, generators and nacelles
for Fécamp's 8MW and 7MW turbines and other offshore wind projects in Courseulles in Santa Cruz.
Although the EIB has previously funded offshore wind projects in the EU, this is the first time it has supported wind projects
in France.
Embroise Fayolle, vice president of EIB, explained that the investment is to strengthen the climate goals
set by the bank's shareholders in November 2019.
Fayolle believes funding the Fécamp project is an "important milestone" in the organisation's journey to becoming an EU climate bank
.
He added: "Like other innovative projects we fund elsewhere in Europe, it solidifies our expertise in stationary and floating offshore wind turbines
.
”
European Economic Commissioner Paolo Gentiloni said the project proves what can be achieved under the European Green Deal
.
It also marks another step
towards the EU's goal of becoming carbon neutral by 2050.
Recently, the European Investment Bank agreed to provide $450 million in financial support for French offshore wind farms, which marks a key moment for the European Investment Bank to become the EU's "climate bank" and its first financial support
for French offshore wind farms.
The 71-turbine Fécamp project, located 13 kilometers off the coast of Normandy, is jointly developed by a consortium of EDF renewables, Enbridge and Wpd, with a total installed capacity of 497MW.
Last year, France's Council of State, France's highest administrative court, approved Fécamp's revocation of a series of legal challenges, marking the completion of the project's approval process
.
It was announced last week that Fécamp will cost a total of 2 billion euros and is now expected to go online
in 2023.
EU funds have been allocated
as part of the bank's European Fund for Strategic Investments.
According to EIB news reports, the wind farm will provide enough power to meet the needs of 770,000 people and maintain about 100 permanent jobs
at a nearby port.
Siemens Gamesa Renewable Energy (SGRE) announced last year that it will build an industrial offshore wind farm in the port of Le Havre to produce blades, generators and nacelles
for Fécamp's 8MW and 7MW turbines and other offshore wind projects in Courseulles in Santa Cruz.
Although the EIB has previously funded offshore wind projects in the EU, this is the first time it has supported wind projects
in France.
Embroise Fayolle, vice president of EIB, explained that the investment is to strengthen the climate goals
set by the bank's shareholders in November 2019.
Fayolle believes funding the Fécamp project is an "important milestone" in the organisation's journey to becoming an EU climate bank
.
He added: "Like other innovative projects we fund elsewhere in Europe, it solidifies our expertise in stationary and floating offshore wind turbines
.
”
European Economic Commissioner Paolo Gentiloni said the project proves what can be achieved under the European Green Deal
.
It also marks another step
towards the EU's goal of becoming carbon neutral by 2050.
