European Investment Bank lends Elia EUR1 Billion for Princess Elisabeth Energy Island

The European Investment Bank has granted a EUR1billion ($1.2billion) credit facility to Belgian electricity transmission network operator 'Elia' for its Princess Elisabeth Island energy project in North Sea.

The artificial island will be located 45 km off the coast of Belgium. It is Elia's flagship project and will act as a major piece of offshore grid infrastructure that will connect future offshore wind farms with the Belgian grid.

The EIB stated that the EUR1 billion loan it made was the largest ever for an energy infrastructure in the Benelux area.

In a press release, Elia Transmission Belgium CEO?Frederic Dunon said: "The Princess Elisabeth Island project is a strategically important project that will unlock the next generation offshore wind capacity and strengthen energy security while supporting Europe's competitiveness."

"The support from 'the European Investment Bank' is a strong endorsement... of the long-term value of the project?and the shared ambition to build a more resilient, affordable and sustainable energy system for Belgium and Europe," said?Dunon.

Elia announced higher revenues for the first half of the year in July, and reiterated their full-year outlook.

(source: Reuters)