EIB to invest €350m in French offshore wind

The European Investment Bank (EIB) is set to invest €350 million into the construction of the 450 MW Calvados farm off the coast of France.

The project, also known as the "Courseulles-sur-Mer" wind farm, is expected to cost around €2 billion in total and is located just off the coast of Normandy.

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The EIB's involvement is guaranteed by the European Fund for Strategic Investments, which forms part of the EU's investment plan for European development.

The farm is expected to be commissioned by 2024 and at maximum capacity, will supply electricity for 630,000 homes. It will have an operational life span of 25 years and will create at least 1000 jobs along the supply chain.

The farm contains 64 wind turbines provided by energy company Siemens installed more than 10 km off the Bessin coast.

Construction is expected to last around three-and-a-half years.

EIB Vice-President Ambroise Fayolle said: “This second financing of an offshore wind farm in Normandy, France confirms that our transformation into the EU climate bank is picking up speed.

“This operation consolidates our expertise in fixed and floating offshore wind turbines, like other innovative projects that we are financing elsewhere in Europe.”

Read more: Wind power to become vital in Europe's renewable future, research suggests

Paolo Gentiloni, Commissioner for the Economy, told ReNews: “The Investment Plan for Europe supports the construction of a new wind farm in western France.

“This project will provide clean energy to some 630,000 people and thus create more than 1000 jobs.

“This is a new step towards achieving our objective of climate neutrality by 2050 and this operation highlights the full economic potential of measures in favour of the environment.”

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