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EIB Considers $1 Billion Loan for Offshore Wind Farm in Britain
2010-09-10 16:45:15.292 GMT
By Sally Bakewell
Sept. 10 (Bloomberg) -- The European Investment Bank is
preparing to loan 650 million pounds ($1 billion) to an offshore
wind farm by RWE AG and Scottish and Southern Energy Plc,
marking its fifth loan to such a facility in the U.K. this year.
The institution is appraising the loan for the 504-megawatt
wind farm, according to the bank's website. The project will
cost 1.39 billion pounds and lie 23 kilometers (14 miles) off
the Suffolk coast.
This year the bank approved loans to three U.K. offshore
wind projects, the 1-gigawatt London Array, the 317-megawatt
Sheringham Shoal and the 300-megawatt Thanet. The European
Union's lending arm, which approved more than 2 billion euros
for new offshore wind farms in 2009, is also appraising the 270-
megawatt Lincs wind farm. These projects come under the second
U.K. offshore wind site leasing program, Round 2.
Since 2002 the bank has disbursed more than 1 billion euros
to offshore wind, supporting 2.4 billion euros of spending, Par
Isaksson, a spokesman for the bank, said today in an e-mail. The
bank's renewable energy financing strategy also includes onshore
wind farms and bioenergy, he said.
For Related News and Information:
Top renewable-energy news: GREEN <GO>
Most-read wind news: MNI WIND <GO>
--Editors: Reed Landberg, Alex Devine
To contact the reporter responsible for this story:
Sally Bakewell in London at +44-20-3216-4332 or
Sbakewell1@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net
SSE LN {<Equity>}
RWE GR {<Equity>}
