Ørsted gets EUR-500m EIB loan to support renewables investments

The Borssele I&II offshore wind farm. Image by Ørsted (www.orsted.com)

September 29 (Renewables Now) - Danish energy group Ørsted A/S (CPH:ORSTED) has received support for its increased renewable energy investments in the form of a EUR-500-million (USD 584m) loan agreement with the European Investment Bank (EIB), the parties said today.

Within the company’s capital expenditure (capex) programme, the 752-MW Borssele 1&2 offshore wind farms in Dutch waters were specifically mentioned as project receiving long-term commitment.

“With this loan Ørsted has secured long-term financing for the project, which is a key enabler towards succeeding with our aspiration to become the world’s leading green energy major,” said Kasper Kiim Jensen, vice president and head of treasury and capital planning at Ørsted.

Consisting of 94 wind turbines, the Borssele wind farms were officially opened earlier this month, almost a year after the complex became fully operational, as the inauguration ceremony had to be postponed several times due to the COVID-19 pandemic. They use a grid connection line that the EIB previously helped finance with TSO TenneT.

"The EIB has a long history when it comes to financing wind power, from the R&D of the technology to the turbines, as well as some of the largest wind parks in Europe, ultimately helping to bring down the prices for wind energy,” commented EIB vice president Kris Peeters.

More stories to explore
Share this story
About the author
Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription