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PR: Elia Transmission Belgium secures a 650 million ... European Investment Bank for the Princess Elisabeth Island...
https://www.elia.be/en/news/press-releases/2024/10/20241025_elia-transmission-belgium-secures-a-650-million-green-credit-facility25 October 2024
Elia Transmission Belgium secures a €650 million green credit facility from the European Investment Bank for the Princess Elisabeth Island project
BRUSSELS (BE) – VLISSINGEN (NL) | Elia Transmission Belgium (ETB) and the European Investment Bank (EIB) have signed a €650 million green credit facility agreement, further broadening ETB’s financing portfolio and advancing Europe’s transition from fossil fuels to green energy. The proceeds are earmarked for the realisation of the first phase of the Princess Elisabeth Island project. The Belgian energy island is crucial for the Belgian and European energy transition, helping to bring large amounts of wind energy from the North Sea to the consumption centres on the mainland.
Significant contribution to energy security and European competitiveness
The signing ceremony for the contract took place at the island’s caisson yard in Vlissingen (NL) on 25 October 2024 in the presence of the Belgian Minister of Energy, Tinne Van der Straeten; the Head of European Commission Representation in Belgium, Thomas de Béthune; and various diplomatic dignitaries from countries around the North Sea, including the Belgian and German ambassadors to the Netherlands and the Danish and German ambassadors to Belgium.
The Princess Elisabeth Island will be constructed between 2024 and 2027, at about 45 km off the Belgian coast within the Princess Elisabeth wind zone. The island is one of ETB’s key projects and is the world’s first artificial energy island. By integrating 3.5 GW of additional offshore wind capacity into Belgium’s electricity grid (to power more than 3 million households), the Princess Elisabeth Island will reduce the country’s dependence on fossil fuels and provide more affordable green electricity, contributing to social welfare and industrial competitiveness. It will also significantly contribute to the European Union meeting its renewable energy targets and climate-neutrality goal.
Strong support from European institutions
Promoting renewable energy, enhancing energy security, and fostering European interconnectedness are key for the European Union to reach its climate and energy goals. The EIB’s support highlights ETB’s leading role in connecting offshore wind capacity to Europe’s onshore grid and strengthening the integration of the European energy market.
…
Elia Transmission Belgium secures a €650 million green credit facility from the European Investment Bank for the Princess Elisabeth Island project
BRUSSELS (BE) – VLISSINGEN (NL) | Elia Transmission Belgium (ETB) and the European Investment Bank (EIB) have signed a €650 million green credit facility agreement, further broadening ETB’s financing portfolio and advancing Europe’s transition from fossil fuels to green energy. The proceeds are earmarked for the realisation of the first phase of the Princess Elisabeth Island project. The Belgian energy island is crucial for the Belgian and European energy transition, helping to bring large amounts of wind energy from the North Sea to the consumption centres on the mainland.
Significant contribution to energy security and European competitiveness
The signing ceremony for the contract took place at the island’s caisson yard in Vlissingen (NL) on 25 October 2024 in the presence of the Belgian Minister of Energy, Tinne Van der Straeten; the Head of European Commission Representation in Belgium, Thomas de Béthune; and various diplomatic dignitaries from countries around the North Sea, including the Belgian and German ambassadors to the Netherlands and the Danish and German ambassadors to Belgium.
The Princess Elisabeth Island will be constructed between 2024 and 2027, at about 45 km off the Belgian coast within the Princess Elisabeth wind zone. The island is one of ETB’s key projects and is the world’s first artificial energy island. By integrating 3.5 GW of additional offshore wind capacity into Belgium’s electricity grid (to power more than 3 million households), the Princess Elisabeth Island will reduce the country’s dependence on fossil fuels and provide more affordable green electricity, contributing to social welfare and industrial competitiveness. It will also significantly contribute to the European Union meeting its renewable energy targets and climate-neutrality goal.
Strong support from European institutions
Promoting renewable energy, enhancing energy security, and fostering European interconnectedness are key for the European Union to reach its climate and energy goals. The EIB’s support highlights ETB’s leading role in connecting offshore wind capacity to Europe’s onshore grid and strengthening the integration of the European energy market.
…