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Belgium-based green energy company, Parkwind, has secured funding from several financial institutions to implement its first renewable energy project outside of Belgium. The company will receive a EUR 150 million (USD 177.8 million) loan from the European Investment Bank (EIB) for the construction of its Arcadis Ost 1 wind farm for EUR 150 million.
Other financial institutions that support the European wind farm are: KBC, Belfius, Helaba, KfW, IPEX-Bank, Rabobank, Société Général, ING and EKF. The EIB is providing the loan through its European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The offshore installation work is scheduled to begin in 2022 and the wind farm, which will generate electricity for the equivalent of 290,000 households, is scheduled to go into full operation in 2023.
With new, completely floating platforms, the windmills will be built in the Baltic Sea northeast of the island of Rügen. The new technology is expected to be more efficient than the jack-up ships previously used on difficult seabeds.
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The project is to be rolled out after Parkwind received official approval from the government of Mecklenburg-Western Pomerania in March 2021. Parkwind secured a tender for the implementation of the project in 2018.
EIB Vice-President Ambroise Fayolle, responsible for the environment, climate protection and the circular economy and oversees EIB operations in Germany: “Offshore wind farms are a cornerstone of the EU Green Deal in order to achieve the goal of a net zero emissions economy in Europe.”
Eric Antoons, Co-CEO of Parkwind commented, “Joining such a strong group of lenders gives us further confidence in our pursuit of our mission and ambition to grow internationally.”
Mecklenburg-Western Pomerania’s Energy Minister Christian Level said: “Since the approval of the first offshore wind farm in the German Baltic Sea in 2011, offshore wind has not only contributed to the energy transition, but also to an enormous economic development in our region. We are continuing this success story with Arcadis Ost 1, which is now the fourth offshore wind farm off the coast of Mecklenburg-Western Pomerania. In the future, we want to generate climate-neutral hydrogen with offshore wind and thus make our region even more attractive for new business locations. â€Background information
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