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Belgian 219-MW offshore wind farm secures Eur210-million loan from EIB

London — Belgium's 219 MW Northwester 2 offshore wind farm has secured a Eur210-million ($242-million) from the European Investment Bank, it said Friday.

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Financial close for the project with a total investment volume of Eur642 million is expected this year with offshore construction set to begin in May 2019 and operations to start in 2020, it said.

According to the EIB statement, the project will use a new type of wind turbine by MHI Vestas with a capacity of 9.5 MW each.

The EIB loan will be guaranteed in parts by the so-called Juncker Plan for strategic investments with Denmark's EKF guaranteeing the remaining Eur100 million, it added.

Last month, the European Commission approved Belgian plans to grant up to Eur3.5 billion in state aid to three offshore projects totalling 706 MW and including Northwester 2.

Belgian offshore wind capacity will reach 1 GW this winter with the 309-MW Rentel project on track for completion this year.

Belgium's government aims for 2.2 GW of offshore wind capacity by 2020.

Belgian offshore wind: 2.2 GW target by 2020

TABLE: Belgian offshore wind farms

Project Capacity in (MW) Start
Belwind 1 171 2010
C-Power (Thornton) 326 2013
Northwind 216 2014
Nobelwind 165 2017
current capacity 877
Rentel 309 2018 commissioning
Norther 370 2019 under construction
Northwester 2 219 2020 awaiting FID
Seastar 235 2020 approved
Mermaid 252 2020 approved
planned capacity 1385

Source: S&P Global Platts

--Andreas Franke, andreas.franke@spglobal.com

--Edited by Jonathan Dart, jonathan.dart@spglobal.com