KfW, partner banks finance 30-MW floating wind project in France

Floating wind turbines. Image by KfW IPEX-Bank.

June 7 (Renewables Now) - A group of banks led by Germany's KfW IPEX-Bank will provide financing for the 30-MW pilot floating wind project EFGL that will be set up in the Gulf of Lion off the French coast.

Apart from KfW IPEX-Bank, the consortium of banks includes also Credit Agricole CIB, Banco Santander, S.A.(BME:SAN), Mizuho Bank Ltd as well as the European Investment Bank (EIB) and Danish export credit agency EKF, KfW said on Tuesday.

Details about the amount of the project financing were not disclosed.

The EFGL floating wind array will consist of three Vestas V164 turbines each of 10 MW which will be installed on semi-submersible platforms more than 16 km off the coast near the Leucate commune.

The owners of the project are Ocean Winds, a Madrid-based 50/50 joint venture between EDP Renewables (ELI:EDPR) and Engie SA (EPA:ENGI), and Banque des Territoires.

The final investment decision was taken in January.

EFGL is the first project of this kind that KfW IPEX-Bank is financing. The German lender sees enormous potential in floating offshore wind farms because they can be built in deeper waters than fixed offshore parks, giving the opportunity to expand offshore wind power much more and drive the decarbonisation of energy generation faster.

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