Belgium's Northwind Offshore Project Set to Start

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- Belgium's offshore wind goals advanced this week as financing for the proposed Northwind offshore windfarm was completed and construction is expected to kick-off next April.

The 216-megawatt (MW) windfarm - formerly known as the Eldepasco project - will be located at Bank Zonder Naam, 37 kilometres off the coast of Ostend. Developer Northwind NV concluded raising the €900 million ($1.13 billion) needed with a loan of €333 million ($419 million) from the European Investment Bank (EIB). The loan clears the way for construction to begin as final contracts with suppliers were signed.

The windfarm will use 72 Vestas V112-3.0MW turbines and is expected to be commissioned in the middle of 2014..

"2012 has proven to be as financially unstable as 2008," said Northwind NV's CEO, Frank Coenen, who was involved in the first phase of construction of Belgium's 3330 MW Belwind offshore windfarm. "In spite of the initial resistance and some tough negotiations we are building a power plant that produces enough energy to fill the gap for the expected shortage of electricity. This power plant is financed almost entirely with private funds."

The Northwind windfarm is the third Belgian offshore project that the EIB has made loans to. In 2009, an injection of €300 million ($377 million) the EIB saved the the Belwind offshore windfarm from going under when the parent company behind the original Dutch developer, Evelop, filed for bankruptcy. For additional information see August 12, 2009, article - European Union Saves 330-Megawatt Belwind Windfarm.

Pim Van Ballekom, European Investment Bank Vice-President with responsibility for financing operations in Belgium stated: "The EIB is pleased to play a part in these challenging projects contributing to climate action and to economic growth. By financing the Northwind project, the EIB is again demonstrating its capacity and support to mature offshore wind projects that are ready for immediate implementation."

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