The loan is part of the financing for the construction of the London Array offshore wind farm. The financing is in line with DONG Energy’s strategy to diversify its funding on various loan types and to fund wind power projects out of the parent company.
The first phase of the London Array wind farm has a capacity of 630 MW and is expected to begin operation in 2012 and be able to provide renewable energy for the London Olympics.
Once completed it will be the world’s largest offshore wind farm. DONG Energy owns 50% of the wind farm with E.ON (30%) and Masdar (20%) holding the remaining shares.
Chief Financial Officer of DONG Energy Carsten Krogsgaard Thomsen said: "DONG Energy’s goal is to reach at least 3,000 MW of wind turbines capacity by 2020, and London Array is a cornerstone in this transition towards a greener future. The EKF guaranteed EIB funding of the project supports our robustly financed investment programme".
Simon Brooks, European Investment Bank Vice President responsible for the United Kingdom said: "The European Investment Bank is pleased to be able to support DONG Energy’s contribution to London Array, expected to be the world’s largest offshore wind farm. This wind energy project will make a significant contribution to meeting both Europe’s and the United Kingdom’s renewable energy targets."
DONG Energy is one of the leading energy groups in Northern Europe. We are headquartered in Denmark. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. We have approximately 6,000 employees and generated just under DKK 50 billion (EUR 6.6 billion) in revenue in 2009.