The European Investment Bank (EIB) has formalized a EUR 400 million framework loan agreement with Danish clean energy company Orsted A/S (CPH:ORSTED) to facilitate the development of offshore wind farms.
This marks the initial portion of a larger facility of up to EUR 1.2 billion sanctioned by the EIB to support Orsted in advancing projects in the North Sea and the Baltic Sea, situated off the coasts of Germany and Poland.
The first tranche of funds is earmarked for the Borkum Riffgrund 3 wind farm in the German North Sea, according to an announcement made by the EIB on Monday. This agreement solidifies an enduring partnership between the EIB and Orsted, representing their 15th collaborative project, as highlighted by EIB vice-president Thomas Ostros.
The bank underscored that the accord aligns with the objectives of the RePowerEU initiative, contributing to the production of more green electricity for the EU grid. The funding is intended to propel the construction of offshore wind facilities, supporting the broader goal of advancing renewable energy in the European region.
