EIB Funds €1.2 Billion for Denmark’s Largest Wind Farm to Power Over a Million Homes

EIB Funds €1.2 Billion for Denmark’s Largest Wind Farm to Power Over a Million Homes

(IN BRIEF) The European Investment Bank (EIB) is providing a €1.2 billion loan to support the construction of the Thor wind farm in the Danish North Sea, developed by RWE. The 1.1 GW wind farm, consisting of 72 turbines, will supply electricity to over a million Danish households. RWE aims to achieve net zero emissions by 2040 and plans significant investments in renewables. The project, part of the North Sea Energy Cooperation, will be fully operational by 2027, contributing to the EU’s goal of expanding offshore wind capacity.

(PRESS RELEASE) LUXEMBOURG, 24-Jun-2024 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union is providing a €1.2 billion loan to support the construction of the Thor wind farm in the Danish part of the North Sea. Developed by the German company RWE, this wind farm will be the largest in Denmark, featuring 72 wind turbines with a capacity of 15 MW each, totaling 1.1 GW. The wind farm will generate enough electricity to power more than a million Danish households, representing one-third of all households in Denmark.

RWE is a leading global developer of offshore wind projects and is committed to achieving net zero carbon emissions by 2040. The company plans to invest €55 billion in renewables, batteries, flexible generation, and hydrogen projects worldwide from 2024 to 2030, having already invested €20 billion between 2021 and 2023.

The EIB loan will fund various components of the wind farm, including monopile foundations, turbines, inter-array cabling, an offshore converter station, export cables, onshore cables, and an onshore substation. Siemens Gamesa will supply the turbines, and the Danish transmission system operator Energinet will handle the connection to the national grid.

The Thor wind farm will be located approximately 22 kilometers from Thorsminde in the municipality of Holstebro, with major offshore installation works scheduled for 2025 and 2026. The project aims to be fully operational by the end of 2027.

The North Sea Energy Cooperation, an initiative by North-Sea coastal states, the EU Commission, and Luxembourg, aims to accelerate offshore wind energy deployment. The governments of Denmark, Germany, Belgium, the Netherlands, France, Ireland, Norway, and Great Britain plan to install wind turbines with a total output of 120 GW in the North Sea by 2030, with a goal of reaching at least 300 GW by 2050.

EIB Vice-President Nicola Beer emphasized the bank’s longstanding commitment to wind power technology, noting that this project aligns with the EU’s priority of transitioning to a net-zero economy. RWE’s CFO, Michael Müller, highlighted the company’s commitment to a net-zero energy system and the innovative use of recyclable rotor blades and CO2-reduced steel towers in the Thor project to further reduce its carbon footprint.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil-fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

RWE

RWE is leading the way to a green energy world. With its investment and growth strategy Growing Green, RWE is contributing significantly to the success of the energy transition and the decarbonisation of the energy system. Around 20,000 employees work for the company in almost 30 countries worldwide. RWE is already one of the leading companies in the field of renewable energy. Between 2024 and 2030, RWE will invest 55 billion euros worldwide in offshore and onshore wind, solar energy, batteries, flexible generation, and hydrogen projects. By the end of the decade, the company’s green portfolio will grow to more than 65 gigawatts of generation capacity, which will be perfectly complemented by global energy trading. RWE is decarbonising its business in line with the 1.5-degree reduction pathway and will phase out coal by 2030. RWE will be net-zero by 2040. Fully in line with the company’s purpose – Our energy for a sustainable life.

Media contacts:

Donata Riedel
d.riedel@eib.org
+352 4379 – 86192

Press Office
press@eib.org
+352 43791

SOURCE: European Investment Bank