The European Investment Bank (EIB) and Ørsted have signed a €400 million framework loan agreement to finance new wind power production. By supporting Europe’s transition to electricity from renewables, the agreement aligns with the goals of the RePowerEU initiative.
“We’re delighted to continue our longstanding partnership with Ørsted — as this is our fifteenth joint project,” commented EIB Vice-President Thomas Ostros. “Ørsted realises the necessity and urgency of the energy transition, which is also one of our own key priorities. Building renewable energy capacity will remain crucial in years to come, to make sure we can sustainably and securely reach our climate goals.”
“We’re very happy to once again work with the EIB to support the build-out of renewable energy in Europe and the long-term financing of Ørsted’s activities,” said Kasper Kiim Jensen, Ørsted Vice President and Head of Treasury and Capital Planning.
This €400 million tranche is the first in a larger facility of up to €1.2 billion approved by the EIB to help Ørsted roll out more renewable power projects in the North Sea and the Baltic Sea. Ørsted plans to allocate these first funds to the Borkum Riffgrund 3 wind farm in the German North Sea.