Energy & Environment management ‘The European Investment Bank has announced today (30 October 2015) that it is to provide £225 million (EUR314 million) to help fund the 336MW Galloper Wind Farm in the North Sea east of Felixstowe. The European investment is part of a £1.37 billion (EUR1.9 billion) debt financing deal with 12 commercial banks.

Galloper Wind Farm Ltd (GWFL) is the UK’s first pre-construction offshore wind project finance deal and is also the first UK project to be backed by the European Fund for Strategic Investments (EFSI), the heart of the £226 billion (EUR315 billion) Investment Plan for Europe. Already more than £150 million (EUR209 million) has been spent during development of the scheme.

Once operational, the wind farm will be capable of providing enough clean energy to supply up to 336,000 homes, from 56 of the world’s largest (6MW) wind turbines. Located 27km off the Suffolk Coast, the project is also anticipated to create over 700 jobs during construction and nearly 100 once operational. GWFL’s operators RWE Innogy also announced three new project partners for the GWFL today – UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital – as 25 per cent joint equity partners with RWE Innogy.Construction is due to commence in November 2015.’

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