The European Investment Bank (EIB) has awarded a EUR 350 million credit line to the developers of the 448-MW Courseulles-Sur-Mer, or Calvados, offshore wind project in the English Channel. France’s EDF Renouvelables, Canada-based Enbridge Inc, and Wpd AG of Germany are developing this EUR 2 billion project in which 64 wind turbines off the coast of Calvados department in the Normandy region will be installed. Construction was announced to have commenced in February this year.

After the completion of the wind park in 2024, it is expected that it will generate enough electricity to meet the annual consumption of about 630,000 people, which is more than 90% of the population of Calvados. The output will be sold under a 20-year power purchase agreement (PPA).

The EIB noted that the financing it is providing would be guaranteed by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe.

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