The European financial agency the European Investment Bank has granted a line of credit of approximately $ 509 million to the consortium bringing together EDF Renouvelables, Enbridge and wpd to co-finance the construction of the largest offshore wind farm project in France, located off Fecamp.
- The project involves the construction of 71 wind turbines located more than 13 km off the French coast.
- It will have a capacity of 497 MW, equivalent to the annual electricity consumption of 770,000 people when it is commissioned in 2023.
- The site will mobilize more than 1,400 local jobs for more than 3 years, according to its promoters and will allow the creation of a hundred permanent jobs in the port of Fécamp to ensure the maintenance of the installations.
The major supports and loans by European Investment Bank are featured beloe:
May 2020: The European Investment Bank expands cooperation with the World Health Organization to strengthen public health, supply of essential equipment, training and hygiene investment in countries most vulnerable to the COVID-19 pandemic.
April 2020: European Investment Bank has approved approximately $5.4 billion financial assistance for businesses hit by the economic shock created by COVID-19. The new fund will help to upgrade and manufacture more medical equipments for COVID patient.
April 2020: The EIB Group has announced a COVID-19 guarantee fund of approximately $27 billion. The fund will be implemented by the Groups subsidiary EIB and the EIF, which is specialised in funding small and medium-sized enterprises. In addition to the COVID-19 guarantee fund, the EIB Group is also implementing the emergency measures to support companies in the EU to overcome the consequences caused by the coronavirus.
March 2020, The EIB Group has proposed a plan to mobilise approximately $ 44 billion of financing for SMEs and mid-caps. The fund will be supported through loans, credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps.
The European Investment Bank Group, is an international financial institution, headquartered in Luxembourg. It is a bank of European Union. The EIB Group has two parts- the European Investment Bank(EIB) and the European Investment Fund(EIF). The EIB is the lending arm of 27 members European Union. The EIF support SMEs, and it work through financial intermediaries in the Member States and in partnership with national promotional banks. EIB helps in creating jobs and improving lives for EU citizens and also helps people in developing countries.