SOURCE: Industrial Info Resources

August 12, 2009 05:02 ET

European Union Saves 330-Megawatt Belwind Windfarm, an Industrial Info News Alert

GALWAY, IRELAND--(Marketwire - August 12, 2009) - Researched by Industrial Info Resources (Sugar Land, Texas) -- One of Europe's largest windfarm projects has been saved by an injection of 300 million euros from the European Investment Bank (EIB) (Luxembourg), the financial arm of the European Union. The Belwind offshore wind project, which will have a power generation capacity of 330 megawatts (MW) when complete, has now obtained 546 million euros in funding, and construction will start September 1. Funding was scheduled to close in May, but the original Dutch developer, Evelop, went under when its holding company Econcern NV (Utrecht, Netherlands) filed for bankruptcy. The project is now owned by a company owned by a consortium of Belgian and Dutch investors. This is the first time that the EIB has stepped in to rescue an offshore windfarm by assuming the project finance risk.

Companies featured: Vestas Wind Systems A/S (CPH:VWS)

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