The European Investment Bank (EIB) has agreed to lend €250m to support the construction of the SeaMade (formerly “Mermaid” and “Seastar”) wind parks in the Belgian territorial waters of the North Sea under the framework of the European Fund for Strategic Investments (EFSI). The projects are under development and their construction is scheduled to start in the summer of 2019.
The total cost of the two projects is estimated by the EIB at €1.3bn. The restructuring of ownership of the two assets was approved by the European Commission in July 2018 and they are now operated by a joint venture (JV) called Seamade and owned by Otary, Eneco and Engie (through Electrabel). Previously, Otary owned 100% of Seastar and 65% of Mermaid, with Electrabel owning the remaining 35%. Seamade will have a total combined capacity of 487 MW, of which 235 MW in the Mermaid concession area and 252 MW in Seastar.
In October 2017, the Belgian authorities granted the two wind parks a 17-year guaranteed price of €79/MWh (€7.9c/kWh).
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