EU Banks Offer £300 Million in Funding for Offshore Wind Transmission

The EIB and Ofgem E-Serve have today announced that the EIB is considering provision of over £300 million of funding to investors in high voltage transmission links to offshore windfarms in Great Britain. The funding will be available for six projects, which together will connect approximately 1.6 gigawatts of offshore generation.

The Department for Energy and Climate Change (DECC) and Ofgem E-Serve have put in place competitive arrangements to ensure generators benefit from cost effective connections to the mainland electricity network. Those firms competing to run connections to these six projects can now apply to the EIB for funding.

Ofgem’s Chairman Lord Mogg said: “The EIB’s decision to consider these projects for funding of over £300 million is an important step forward for delivering competitively priced connections for offshore wind farms.

More information about the bidding entities can be found here.

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