Developers bag funds for 165-MW Nobelwind wind project off Belgium

The 165-MW Nobelwind offshore wind project in the Belgian part of the North Sea has entered its construction phase after its developers managed to obtain some EUR 460 million (USD 511m) in financing.

The project company, owned by developer Parkwind NV, Japan’s Sumitomo Corp (TYO:8316) and Dutch investment fund Meewind, started building works on the scheme on October 21, Sumitomo said in a statement today. The goal is to complete the offshore wind farm by the very end of 2017.

The plant requires about EUR 655 million of investment. It will consist of 50 pieces of 3.3-MW wind turbines made by MHI Vestas that are able to generate enough power to supply 186,000 homes a year. The output of the facility will be sold to a utility in Belgium under a long-term power purchase agreement (PPA).

In its statement, Sumitomo noted that this is the first time a Japanese corporation has joined an offshore wind project in Europe at an early stage of development. The company also has investments in the 165-MW Belwind and 216-MW Northwind offshore wind projects in Belgium.

(EUR 1.0 = USD 1.112)

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