EIB grants €500Mn loan to Ørsted for developing green energy projects

Danish multinational power company, Ørsted has received backing from the European Investment Bank (EIB) in the form of a EUR-500 million (USD 584 million) loan arrangement.

Kasper Kiim Jensen, Vice President and Head of Treasury and Capital Planning at Ørsted, said that with this loan, Ørsted had secured long-term funding for its project, which is a critical component in achieving its goal of being the world's top green energy company.

As per sources, Ørsted’s 752-MW Borssele 1&2 offshore wind farms in Dutch seas was particularly named for long-term commitment within the company’s CAPEX (capital expenditure) program. The wind farms, which have 94 turbines, was formally inaugurated earlier this month.

The launch comes a year after the complex became fully operational, despite being repeatedly postponed because of the COVID-19 epidemic. The power company uses a grid connection line that the EIB previously help funding with TSO TenneT.

According to EIB Vice President, Kris Peeters, their firm has a long history of supporting wind power, from R&D in technology to turbines, and some of Europe's largest wind parks. These efforts are finally helping them lower wind energy prices.

Peeters continued that renewable energy will become incredibly valuable as the firm moves toward full decarbonization. EIB is committed to funding this transformation and is pleased to provide financial help to Ørsted in this regard.

About Ørsted

Ørsted develops, builds, and manages solar farms, offshore and onshore wind farms, energy storage facilities, and bioenergy plants and provides energy products to its clients.

In Corporate Knights' 2021 index of the world’s 100 most sustainable businesses, the company is ranked as the world's most sustainable energy company, and it is recognized as a global leader on climate action on the CDP Climate Change A-List.

Source Credit - https://renewablesnow.com/news/rsted-gets-eur-500m-eib-loan-to-support-renewables-investments-755712/