Elia Secures €1 Billion EIB Loan to Expand Belgian Offshore Energy Island
Elia Transmission Belgium has received a €1 billion green loan from the European Investment Bank (EIB) for Phase 2 of the Princess Elisabeth Energy Island, an offshore electricity hub. The funding will support high-voltage infrastructure and connections between the island and mainland Belgium. This is the largest EIB loan ever granted to an energy project in the Benelux region. The artificial island, located about 45 kilometers off Belgium's coast, aims to collect power from new wind farms in the Princess Elisabeth Zone and facilitate future cross-border electricity links with the UK. The project could more than double Belgium’s offshore wind capacity by adding between 3.15 GW and 3.5 GW of new generation. This loan follows a €650 million EIB facility for Phase 1, which had an estimated cost of around €1.1 billion. Construction is progressing with the final foundation element installed recently.
Topics: Belgium EIB loan energy infrastructure offshore wind