The European Investment Bank (EIB) has agreed to support the construction of the €642m Northwester wind park off the Belgian coast with a €210m loan. Around half of the amount will be guaranteed under the framework of the European Fund for Strategic Investments (EFSI).
Northwester-2 is expected to have an installed capacity of 219 MW (23 MHI Vestas turbines of 9.5 MW each, which corresponds to 218.5 MW of nameplate capacity) and is the fourth wind project off the Belgian coast to be supported under the EFSI. The construction is scheduled to begin in May 2019 with the start of operations set for 2020.
Northwester-2 will also benefit from a green certificate support scheme with an updated levelised cost of electricity (LCOE) of €79/MWh. The Belgian government will support the project over 16 years with an option to extend it for one year in case of poor wind conditions.