The European Investment Bank (EIB) has granted a $414m (€350m) credit line to a consortium comprising of EDF Renouvelables, Enbridge and WPD to co-finance the construction of a wind farm off the coast of Calvados in France.

The European Fund for Strategic Investments will guarantee the EIB’s financing.

EIB vice-president Ambroise Fayolle said: “This second financing of an offshore wind farm in Normandy, France confirms that our transformation into the EU climate bank is picking up speed.

“This operation consolidates our expertise in fixed and floating offshore wind turbines, like other innovative projects that we are financing elsewhere in Europe.”

Located over 10km off the French coast, the 450MW Calvados wind farm will require an estimated investment of $2.3bn (€2bn). It will use 64 wind turbines, meeting the annual electricity needs of 630,000 people, approximately 90% of Calvados population. The wind facility will begin operations in 2024.

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By GlobalData

During the three-year construction period, the project will create more than 1,000 direct jobs in Normandy region. Many of these will focus on Le Havre, where manufacturing and assembly of the turbines will take place. Siemens Gemesa has started construction on a factory in the city for this purpose.

Once operational, the project will create approximately 100 long-term jobs at the port of Caen-Ouistreham for maintenance operations.

The European Commissioner for the Economy Paolo Gentiloni said: “The Investment Plan for Europe is backing the construction of a new wind park in the west of France.

“This is another step towards achieving our goal of climate neutrality by 2050 and showcases the economic potential of going green.”