SeaMade secures €250m European loan for Belgian offshore wind farms

The European Investment Bank (EIB) has agreed to provide a €250m loan to SeaMade for construction of ‘Mermaid’ and ‘Seastar’ Belgian offshore wind farms.

The two wind projects, which are currently under development by SeaMade, have a combined capacity of 487MW.

EIB vice-president Andrew McDowell said: “This is a great example of the work of the EIB benefitting Europeans. Not only has the EIB, the European Bank, backed the construction of all the wind farms in the Belgian concession on the North Sea, it also financed the research and development into the wind harnessing technology itself.

“This project has been made possible through the use of the European Fund for Strategic Investments (EFSI), an example of the EIB and the European Commission working together to finance clean, renewable energy for the People of Belgium, is something to be extremely proud of.”

Built with an investment of nearly €1.3bn, the Belgian offshore wind farms will be developed on two different sites located 38kms and 50kms off the coast and will feature 58 turbines. The works at the site are expected to begin next year.

From 2020, SeaMade intends to supply renewable energy to 485,000 households and reduce more than 500,000t of carbon emissions per annum.

To date, EIB has co-financed eight Belgian offshore wind farms, including SeaMade, with a combined capacity of 2.2GW, producing in total 7.8TWh of electricity, equivalent to the consumption of around two million households.

European Commission Energy Union vice-president Maroš Šefčovič said: “This new Juncker Plan agreement is another example of how committed we are to investing into the energy of tomorrow.

“With already €15bn of additional investments mobilised in the environment and resource efficiency sector, the European Fund for Strategic Investments is helping the EU achieve the transition towards climate neutrality and fulfil our objective of reaching over 80% of the EU’s electricity produced by renewable energy sources by 2050.”

EIB’s loan is fully guaranteed under the EFSI.