EIB lends EUR 60m to EDP for WindFloat project

Floating wind turbine using WindFloat technology. Author: Untrakdrover. License: Attribution-ShareAlike 3.0 Unported.

October 19 (Renewables Now) - Energias de Portugal SA (ELI:EDP) announced today it has received a EUR-60-million (USD 68.8m) loan from the European Investment Bank (EIB) for its 25-MW WindFloat floating wind project.

The loan comes with the support of the InnovFin Energy Demonstration Project facility under the EU’s current research and innovation programme Horizon 2020. In addition, EUR 29.9 million are being granted as part of the NER300 programme, with a further EUR 6 million from the Portuguese government, EDP said.

To be located 20 km off the coast of Viana de Castelo, northern Portugal, the wind farm will feature three turbines. When completed, the wind park will be producing enough energy to meet the power demand of 60,000 annually.

It is owned by WindPlus SA, a consortium led by EDP Renovaveis SA (ELI:EDPR). Spanish oil and gas major Repsol SA (BME:REP) and US floating wind foundation specialist Principle Power Inc also hold interests in the company, with a 19.4% and 1.2% share, respectively.

(EUR 1 = USD 1.15)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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