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EU provides €60 million loan to floating wind project in Portugal

Friday, October 19, 2018

A total of up to €96 million from combined State and EU sources will go towards the construction of a 25 MW first-of-its-kind floating offshore wind farm off Portugal’s northern coast.

The European Investment Bank (EIB) granted a €60 million loan to the Portuguese company Windplus S.A., a subsidiary of EDP Renováveis (79,4%), Repsol S.A. (19,4%) and Principle Power Inc. (1,2%), through the InnovFin programme, which it runs with the support of the EC’s Horizon 2020 research and innovation program.

Windplus will use the loan to finance the construction of a first-of-its-kind offshore floating wind farm consisting of three turbines using semi-submersible platforms, to be located 20km off the coast of northern Portugal at depths of 85-100m. The wind farm will have an installed capacity of 25 MW.

The company will also receive €29,9 million from the EU’s NER300 programme, and up to €6 million from the Portuguese Government, through its dedicated Carbon Fund. Note that while the NER300 programme is closed, unallocated funds were transferred to the InnovFin EDP funding pool for demonstration projects.