Ørsted has received a financial boost from the European Investment Bank (EIB). The bank has granted the Danish company a loan of 3.7 billion DKK (500 million euros). The money will go to support Ørsted's accelerated investment program in renewable energy and the completion of the Borssele 1 & 2 offshore wind farm off the Dutch coast with a long-term commitment from the EIB, Ørsted said in a press release.
The EIB issues long-term loans on behalf of the European Union. The bank is owned directly by the EU member states – the Netherlands owns 5.2 percent of the shares – and is therefore able to offer cheap loans on the capital markets.
- We are very pleased that the EIB has made a commitment, and for the great support that we at Ørsted have received from the EIB for our investments in the Borssele 1 & 2 offshore wind farm and for renewable energy in general. With this loan, Ørsted has secured long-term financing for the project, which is crucial for us to succeed in our ambition to become the world's leading green energy company, says Vice President Kasper Kiim Jensen, Head of Treasury & Capital Planning at Ørsted.
The 94 offshore wind turbines at the 752 MW Borssele 1 & 2 offshore wind farm transmit their power to an offshore transformer station via connection cables before the power enters the electricity grid via a high-voltage cable, which the EIB has previously helped system operator TenneT finance.
- The EIB has a long tradition of financing wind power – from technology development to the wind turbines themselves. In addition, we have financed some of the largest wind farms in Europe and thus ultimately helped to lower the price of wind energy, says Kris Peeters, Vice President of the EIB.
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