The €1.4bn Butendiek wind farm project will have 80 turbines and a total generating capacity of 288 MW.
Butendiek will be built 53km off the coast of Schleswig-Holstein and 32km to the west of the island of Sylt. Construction work is due to start in the first half of 2014 and will take until the middle of 2015. The operator is WPD Group, which has specialised in renewable energy, particularly wind energy projects.
The EIB is one of the biggest financiers of renewable energy in Europe and has so far provided loans totalling EUR 3.8bn for the offshore wind energy sector alone.
Apart from the EIB, the Danish government export credit agency Eksport Kredit Fonden (EKF), KfW and nine commercial banks will also be involved in financing the wind farm.
“It is due to the strong commitment shown by the various groups of investors that Butendiek is now able to get off the ground,” said Wilhelm Molterer, EIB Vice-President with responsibility for lending operations in Germany. “And the EIB loan will make an important contribution to this. The financing of renewable energy, particularly offshore wind energy projects, is and will continue to be a key part of the EIB’s work, as it is all about meeting Europe’s ambitious environmental targets. Here, Butendiek will have a crucial part to play.”
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