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London Array wind farm gets cash boost

Denmark's Dong energy will receive a £250m loan from the European Investment Bank (EIB) to build the 1GW London Array offshore wind farm.

The loan follows another £250m loan by the bank in June 2010 for the project, bringing the total financing to £500m.

The funding forms a part of Dong Energy's strategy to diversify its funding on various loan types and to fund projects out of the parent company. Dong owns 50% of the farm, with 30% owned by E.ON and 20% held by Masdar.

The first phase of the London Array wind farm will have a capacity of 630MW from 175 turbines and is expected to begin operation in 2012.

 

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Policy, investment and markets  •  Wind power

 

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