Elia Transmission Belgium (ETB) and the European Investment Bank (EIB) have signed a €650 million green credit facility to finance the first phase of the Princess Elisabeth Island project, the world's first artificial energy island. The project will support the integration of 3.5 gigawatts (GW) of offshore wind energy into Belgium's grid, generating power for over three million households and enhancing the country's energy independence.
The Princess Elisabeth Island, located about 45 kilometers off the Belgian coast in the North Sea, is scheduled for construction between 2024 and 2027 within Belgium's Princess Elisabeth wind zone. The project was inaugurated with a signing ceremony at the island's caisson yard in Vlissingen, Netherlands, attended by Belgian Minister of Energy Tinne Van der Straeten, Thomas de Béthune from the European Commission, and diplomatic representatives from surrounding North Sea nations.
EIB Vice President Robert de Groot emphasized the project's importance: “The Princess Elisabeth Island project is a cornerstone for enhancing Belgium's and Europe's energy security and independence… By investing in this project, the EIB and Elia are deepening the European power market and paving the way for a sustainable, more secure and resilient energy future.”
In addition to renewable energy integration, the island will serve as a landing point for hybrid interconnectors linking Belgium with neighboring countries, boosting regional cooperation and strengthening the European energy market. This infrastructure is expected to support the European Union's REPowerEU goals of reducing reliance on fossil fuel imports and fostering sustainability across member states.
The initiative, part of Belgium's recovery and resilience plan, also received a €100 million loan from the European Recovery and Resilience Facility under NextGenerationEU. Its innovative design incorporates hybrid interconnectors and features nature-inclusive elements aimed at promoting biodiversity and marine life.
Catherine Vandenborre, interim CEO of Elia Group, noted the significance of EIB's involvement: “We highly value the support provided by the European Investment Bank, which is a testament to our European ambitions… This loan will provide us with stable, long-term financing with favorable conditions – for the benefit of Belgian consumers.”
