Elia Transmission Belgium has secured a \u20ac1 billion green credit facility from the European Investment Bank (EIB) to finance the second phase of the Princess Elisabeth Energy Island, an artificial energy island under construction in the North Sea.<\/p>\n
Located around 45 kilometres off the Belgian coast, the island is being developed as an energy hub to connect existing and future offshore wind generation to the Belgian electricity grid. Once completed, it is expected to enable the development of significant new offshore wind capacity in Belgium while creating opportunities to increase cross-border electricity exchanges and European grid interconnection.<\/p>\n
According to Elia Transmission Belgium, the EIB financing was granted on favourable terms, helping to reduce the project’s financing costs. The strategic infrastructure will support the development of Belgium’s second offshore wind zone, also named the Princess Elisabeth Zone, while providing an opportunity for a future electricity interconnector with the United Kingdom.<\/p>\n
The \u20ac1 billion facility is the largest loan ever granted by the EIB to an energy infrastructure project in the Benelux, according to Elia Transmission Belgium. The financing will cover, among other elements, the island’s 220 kV high-voltage substation, 66 kV switching stations, transformers and the alternating current (AC) connections between the island and the mainland.<\/p>\n
A first drawdown under the green facility was made around the end of July. The financing follows the EIB’s previous support for the project, with a \u20ac650 million green credit facility granted in 2024 for its first phase.<\/p>\n
Infrastructure for Belgium’s next offshore wind zone<\/p>\n
The Princess Elisabeth Island is designed to serve as a central connection point for offshore wind generation and the Belgian electricity grid. Electricity will be transported from the island to shore through six three-phase 220 kV alternating current cables, connecting the island with the onshore 220 kV substation.<\/p>\n
The new financing comes following an optimisation of the project’s design and just weeks after the successful installation of the 23rd and final foundation element, marking the completion of a key stage in the island’s construction.<\/p>\n
Over the coming years, construction will continue on the island’s structure, cable connections and electrical installations. According to Elia Transmission Belgium, this work will prepare the infrastructure for the connection of the first offshore wind farms in the Princess Elisabeth Zone from 2031 onwards.<\/p>\n
Beyond increasing Belgium’s offshore wind capacity, the project is intended to strengthen the country’s energy security and contribute to the integration of the European electricity market. The island will provide a focal point for existing and new offshore wind generation and could facilitate greater cross-border electricity exchanges between European countries.<\/p>\n
Elia Transmission Belgium also highlights the project’s potential contribution to reducing Europe’s reliance on imported fossil fuels and supporting a more competitive European energy system.<\/p>\n
EIB highlights grid integration<\/p>\n
“Energy prices are a major concern for citizens, and a key reason for the EIB to invest in a better integrated and more resilient European energy system,” said Robert de Groot, EIB Vice-President.<\/p>\n
“Connecting more offshore wind power and expanding the capacity of the grid will help to create a more stable market. This needs large investments, and we’re happy to support Elia in taking a leading role in making this happen,” he added.<\/p>\n
For Fr\u00e9d\u00e9ric Dunon, CEO of Elia Transmission Belgium, the project represents a major infrastructure investment needed to connect future clean electricity generation with consumers and industry.<\/p>\n
“The transition to a low-carbon economy requires bold investments in infrastructure that can connect tomorrow\u2019s clean electricity to homes, businesses and industry. The Princess Elisabeth Island is a strategic project that will help unlock the next generation of offshore wind capacity, strengthen energy security and support Europe\u2019s competitiveness,” Dunon said.<\/p>\n
He added that the EIB’s support represents “a strong endorsement of the project\u2019s long-term value” and of the shared objective of developing a more sustainable, resilient and affordable energy system for Belgium and Europe.<\/p>\n
Belgian Minister of Climate & Ecological Transition and Mobility Jean-Luc Crucke also highlighted the need to expand both low-carbon electricity generation and the infrastructure required to support electrification.<\/p>\n
“To accelerate the transition to a climate-neutral economy and progressively eliminate our dependence on fossil fuels, we need a substantial increase in low-carbon electricity production, accompanied by major investments in electricity infrastructure,” Crucke said.<\/p>\n
He added that developing the necessary assets for widespread electrification would strengthen Belgium’s energy sovereignty while leveraging the country’s internationally recognised know-how and expertise.<\/p>\n
Second EIB financing for the project<\/p>\n
The latest financing builds on the EIB’s \u20ac650 million green credit facility agreed in 2024 for the first phase of the Princess Elisabeth Island project. According to Elia Transmission Belgium, the favourable financing conditions of the new facility will help lower the project’s financing costs and reduce its impact on Belgian consumers while supporting a more secure and sustainable energy system.<\/p>\n
The project is also described by Elia Transmission Belgium as an innovative, first-of-its-kind construction and as being aligned with the European Union’s TechEU objectives.<\/p>\n
The EIB is the European Union’s long-term lending institution, with its shares held by the 27 EU Member States. Belgium holds a 5.2% share in the institution. The bank provides long-term financing for investments that contribute to EU policy objectives.<\/p>\n","protected":false},"excerpt":{"rendered":"Elia Transmission Belgium has secured a \u20ac1 billion green credit facility from the European Investment Bank (EIB) to…\n","protected":false},"author":2,"featured_media":36875,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[7,910,907,905,909,903,906,904,908,901,902],"class_list":["post-36874","post","type-post","status-publish","format-standard","has-post-thumbnail","category-belgium","tag-belgium","tag-cambio-climatico","tag-energia-eolica","tag-energia-fotovoltaica","tag-energia-hidroelectrica","tag-energia-renovable","tag-energia-solar","tag-energias-limpias","tag-movilidad-electrica","tag-revista-digital","tag-revista-energia-renovable"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@be\/117234822670604689","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/posts\/36874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/comments?post=36874"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/posts\/36874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/media\/36875"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/media?parent=36874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/categories?post=36874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/be\/wp-json\/wp\/v2\/tags?post=36874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}