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The European Investment Bank (EIB) has signed a EUR-400-million (USD 433m) framework loan agreement with Danish clean energy company Ørsted A/S (CPH:ORSTED) to support the construction of offshore wind farms.
This represents the first tranche of a facility of up to EUR 1.2 billion that the EIB has approved to assist Ørsted in the build-out of projects in the North Sea and the Baltic Sea, off the coasts of Germany and Poland. Announcing the financing on Monday, the bank said Ørsted intends to use the first funds for the Borkum Riffgrund 3 wind farm in the German North Sea.
The deal extends a long standing partnership, marking EIB and Ørsted’s 15th joint project, noted EIB vice-president Thomas Ostros.
The bank said the agreement will deliver more green electricity to the EU grid and is in line with the goals of the RePowerEU initiative.
(EUR 1 = USD 1.082)
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