The European Investment Bank (EIB) and nine other financial institutions have agreed to provide a €570m ($680m) loan to energy company Parkwind for its Arcadis Ost I offshore wind farm.

Backed by the European Fund for Strategic Investments (EFSI), the EIB will contribute €150m ($179m) to the project, located in the Baltic Sea off the German coast.

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Other institutions contributing to the project are KBC Group, Belfius, Helaba, KfW Group, IPEX-Bank, Rabobank, Société Général, ING Group and EKF.

EIB vice-president Ambroise Fayolle said: “The EIB is proud to have acted as the anchor investor, together with EFSI, for this innovative project.

“Offshore wind farms are a cornerstone of the EU’s Green Deal to help reach the goal of a net-zero-emissions economy in Europe.”

Parkwind will develop the Arcadis Ost I wind farm, which will be the company’s first international project and the world’s first offshore facility to be built with floating platforms.

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Installation works at the site are scheduled for next year, with the facility expected to come online in 2023.

Danish wind turbine manufacturer Vestas has agreed to deliver 27 of its V174-9.5MW turbines for this project.

Once operational, the offshore wind farm will generate enough renewable energy to power 290,000 households.

Parkwind won the project in a competition in 2018. In March, the company received a permit for the project from the government of the federal state of Mecklenburg-Vorpommern.

Parkwind co-CEO Eric Antoons said: “Being joined by such a strong group of lenders gives us further confidence in the pursuit of our mission and our ambition to grow internationally.

“We now focus on delivering the project and contributing to Germany’s transition towards renewable energy sources.”

Earlier this month, Parkwind awarded JDR a contract to supply, test and terminate cables for the 257MW Arcadis Ost I offshore wind farm.