(OW) KfW IPEX-Bank, together with Crédit Agricole CIB, Banco Santander, S.A., Mizuho Bank, European Investment Bank (EIB), and the Danish Export Credit Agency (EKF), has decided to finance the 30 MW Eoliennes Flottantes du Golfe du Lion (EFGL) floating wind project offshore France.
KfW IPEX-Bank is the first German bank to finance a floating offshore wind farm, while for EKF this is its first financing of a project employing floating wind technology.
“Fixed offshore wind farms can only be operated economically up to a certain sea depth. Floating wind farms will open up deeper waters. This gives us the opportunity to expand offshore wind power much more and drive the decarbonisation of energy generation faster worldwide”, said Dr Velibor Marjanovic, member of the Management Board of KfW IPEX-Bank.
The developers of the project, Ocean Winds and the Banque des Territoires, reached the final investment decision for the EFGL floating offshore wind farm at the beginning of this year, which allowed them to sign contracts with the main industrial and financial partners, and launch the project’s actual implementation phase, said the companies.
The project, which is one of the world’s first commercially financed floating offshore wind farms, is located in the Mediterranean Sea, more than 16 kilometres offshore from Leucate, Aude, and Le Barcarès, Pyrénées-Orientales.
The EFGL pilot project involves the construction and operation of three Vestas V164-10 MW wind turbines mounted on Principle Power’s WindFloat semi-submersible floating foundations.
Euroports will provide port services during the construction of the wind farm at the port of Port-La Nouvelle.
The wind farm is scheduled to be commissioned at the end of 2023 and will operate for 20 years