The European Investment Bank has issued €333m to finance the development of a 216MW offshore wind power plant, being developed by Northwind NV.
The financial close of the project will signal the start of installation of 72 Vestas V112-3.0MW turbines on the wind farm, which will be located on the Bank Zonder Naam (Lodewijkbank) off the coast of Oostende in Belgium.
European Investment Bank vice-president, Pim Van Ballekom, said: "By financing the Northwind project, the EIB is again demonstrating its capacity and support to mature offshore wind projects that are ready for immediate implementation."
Northwind NV CEO, Frank Coenen, said the company is building a power plant that produces enough energy to fill the gap for the expected shortage of electricity, in spite of the initial resistance and some tough negotiations.
"This power plant is financed almost entirely with private funds," said Coenen.
"Thanks to our strong shareholders, the Colruyt Group and the green energy company Aspiravi Offshore, Northwind strengthened to a large extend its solidity."
Construction will begin early in 2013 and on completion in mid-2014, the project will generate enough energy to meet the consumption needs of 230,000 households.