EIB grants Ørsted loan of € 500 million for green energy projects

The European Investment Bank (EIB) has signed a EUR 500 million loan with Danish energy company Ørsted to support its increased investment program on renewable energy projects and the conclusion of the Borssele 1 wind farms and 2 off the Dutch coast with a commitment from the EIB.

The EIB issues long-term loans on behalf of the European Union. The bank is directly owned by EU member states – the Netherlands owns 5.2% of its shares – and is therefore able to offer extremely cheap loans on the capital market.

This enables the EIB to provide long-term finance for solid investments that contribute to the EU’s policy objectives. The EIB made approximately EUR 1.9 billion of loans available for projects in the Netherlands in 2020.

“The EIB has a long history of financing wind energy, from technology R&D to turbines, as well as some of the largest wind farms in Europe, ultimately helping to bring down the prices of wind energy. ”Said EIB Vice-President Kris Peeters.

“Renewable energies will continue to gain in importance as we move towards full decarbonization. The EIB remains committed to funding this transition and is happy to financially support Ørsted’s role in this regard.

Based in Fredericia, Ørsted develops, builds and operates offshore and onshore wind farms, solar farms, energy storage facilities and bioenergy plants, and supplies energy products to its customers. The company ranks as the world’s most sustainable energy company in the 2021 Corporate Knights Index of the 100 Most Sustainable Companies in the World and is recognized on the CDP Climate Change A list as a global leader in climate action.

“We are very satisfied with the EIB’s commitment and strong support for Ørsted’s investments in the Borssele 1 and 2 wind farms and renewable energies in general. With this loan, Ørsted secured long-term financing for the project, which is a key factor in achieving our aspiration to become the world leader in green energy ”, said Vice President Kasper Kiim Jensen, Head of treasury and capital planning at Ørsted.

The 752 MW wind farms at Borssele 1 & 2 have 94 wind turbines which, via inter-grid cabling, transfer their energy to an offshore substation before reaching the grid via a high-voltage line that the EIB previously helped to build. finance with the GRT TenneT.

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