The European Investment Bank is to provide GBP 150m ($200m) of long-term funding to Swedish renewable energy company Vattenfall for the world’s largest offshore wind farm at Thanet in the UK.
The bank is also expected to fund a transmission link connecting Thanet to the UK’s national grid.
Located off the Kent coast in South East England, Thanet was commissioned last year and comprises 100 turbines which are 115 m high and generate 300 MW.
Simon Brooks, the European Investment Bank’s vice-president for the UK, said: “The Thanet offshore wind farm demonstrates how offshore wind can achieve economies of scale and make a significant contribution to renewable energy supply.”
He added that the bank was “committed to supporting expansion of the offshore sector to increase experience and drive commercialisation of cutting edge technology”.
Johan Gyllenhoff, group treasurer of Vattenfall, said the bank’s funding provided an attractive alternative to bond markets.