The European Investment Bank (EIB) has recently approved a significant green loan amounting to $702 million (€650 million) for the innovative Princess Elisabeth Island project by Elia Transmission Belgium. This marks an important advancement in the offshore wind energy sector.
Project Overview
Located 27.9 miles (45 km) off the Belgian coastline, this artificial island is expected to contribute 3.5 gigawatts of offshore wind energy to the national grid. This capacity is sufficient to supply electricity to more than three million households. The construction is scheduled to take place from 2024 to 2027, and initial work on the foundation caissons has already commenced in Vlissingen, Netherlands.
Innovative Infrastructure
The Princess Elisabeth Island project is designed to incorporate a unique blend of high-voltage direct current (HVDC) and high-voltage alternating current (HVAC) systems. These hybrid interconnectors will facilitate energy exchange between Belgium and neighboring nations while connecting with wind farms in the North Sea.
Commitment to Sustainability
Beyond energy generation, the project emphasizes ecological considerations by including features that promote marine biodiversity, classifying it as a "nature-inclusive" initiative. This aligns with the European Union's REPowerEU strategy, which seeks to accelerate the transition from fossil fuels to renewable energy sources.
Additionally, Belgium's recovery and resilience plan is contributing further support, providing an extra $108 million (€100 million) loan via the European Recovery and Resilience Facility under the NextGenerationEU initiative.
EliaGroup continues to make strides in enhancing green energy infrastructure in Europe.
