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EIB lends £385m to build wind farm

Wednesday February 13th, 2013

Government Opportunities (GO) The European Investment Bank (EIB) has loaned £385m to a German wind farm.

The €1.4bn Butendiek wind farm project will have 80 turbines and a total generating capacity of 288 MegaWatt.

Butendiek will be built 53 kilometres off the coast of Schleswig-Holstein and 32 kilometres to the west of the island of Sylt.

The operator is WPD Group, a body that specialises in renewable energy.

EIB will be teaming up with Danish government export credit agency, Eksport Kredit Fonden (EKF), investment group, KfW and nine commercial banks, to finance the wind farm.

Wilhelm Molterer, EIB Vice-President, said: “It is due to the strong commitment shown by the various groups of investors that Butendiek is now able to get off the ground, and the EIB loan will make an important contribution to this.”

Construction work is due to start in the first half of 2014 and will run until the middle of 2015.

 

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