The European Investment Bank has agreed to provide £51 m in backing for the £352 transmission link to the second largest offshore wind farm in the world. The Gwynt y Môr offshore array, located in Liverpool Bay eight miles off the north Wales coast, will consist of 160 3.6 MW turbines, rising to 150m above sea level, and able to generate 576 MW in total.
"Investment in renewable energy helps to reduce carbon emissions and benefits local economic activity. The European Investment Bank is committed to supporting energy investment across the UK, including development of the offshore wind energy sector. We are pleased to be able to support the Gwynt y Môr project and continue our close co-operation with Ofgem to connect offshore windfarms to the national grid. The scheme is already creating jobs in north Wales and elsewhere, and clearly demonstrates the huge potential of harnessing wind energy in UK waters." said Jonathan Taylor, speaking for the European Investment Bank.
The EIB will support the Gwynt y Môr OFTO using the project bond credit enhancement facility to enhance the credit rating of bonds issued to finance the project. The Gwynt y Môr transmission link is the largest OFTO to be financed through capital markets to date. It includes two offshore substations, and over 120km of HV transmission cables, as well as a new substation onshore.
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