Dong London Array Wind Farm Gets Cash Boost

5 July 2010 (Last Updated July 5th, 2010 18:30)

Denmark's Dong energy will receive a £250m ($379.6m) loan from the European Investment Bank (EIB) to build the 1GW London Array offshore wind farm. The loan follows another £250m ($379.6m) loan by the bank in June 2010 for the project, bringing the total financing to £500m (759.2m).

Denmark's Dong energy will receive a £250m ($379.6m) loan from the European Investment Bank (EIB) to build the 1GW London Array offshore wind farm.

The loan follows another £250m ($379.6m) loan by the bank in June 2010 for the project, bringing the total financing to £500m (759.2m).

The funding forms a part of Dong Energy's strategy to diversify its funding on various loan types and to fund projects out of the parent company.

The first phase of the London Array wind farm will have a capacity of 630MW from 175 turbines and is expected to begin operation in 2012.

The firm owns 50% of the farm, with 30% owned by E.ON and 20% held by Masdar.