The European Investment Bank (EIB) has agreed to grant a loan of €210m ($241m) to support the construction of Northwester 2 wind farm located off the Belgian coast.
The Northwester 2, which is being built with an investment of €642m, is reportedly the fourth wind project off the Belgian coast to be supported under the EFSI.
More than half of the loan amount is assured under the European Fund for Strategic Investments (EFSI), EIB noted.
EIB vice-president Andrew McDowell said: “The importance of renewables in the energy mix must not be underestimated and will be key in meeting ever-rising demand for low carbon electricity, as well as targets set under the Paris climate agreement.
“I am proud to say that the EIB has played a key role in developing the offshore across Europe and has been a strong partner for Belgium from the very beginning.”
Featuring 23 MHI Vestas wind turbines of 9.5MW, Northwester 2 will have the capacity to generate nearly 219MW of clean energy that will be enough to power around 220,000 Belgian households.
Construction works at the site will start in May 2019 and the project is expected to enter operational service in 2020.
During the construction phase, the project is estimated to create several new employment opportunities in the region, with a further 20 full-time positions created once operational.
Energy Union commission vice-president Maroš Šefčovič said: “This new wind farm off the Belgian coast – with a strong innovative and cross-border component – is yet another example of how committed we are to investing into the energy of tomorrow.
“Renewables not only bring clean energy to numerous homes but can also create diversity in local jobs and business opportunities. Let’s keep up the good work for our planet as well as our economy.”