EIB grants $702 million (€650 million) for Belgium's offshore wind energy hub

The European Investment Bank (EIB) just signed off on a $702 million (€650 million) green loan for Elia Transmission Belgium's cutting-edge Princess Elisabeth Island project—a big step forward in offshore wind power.

This artificial island, sitting 27.9 miles (45 km) off Belgium's coast, is set to bring 3.5 gigawatts of offshore wind power into the national grid. That's enough to provide electricity for over three million households. The company plans to build it between 2024 and 2027, and the first foundation caissons are already being worked on in Vlissingen, Netherlands.

Princess Elisabeth Island is shaping into a first-of-its-kind setup featuring high-voltage direct current (HVDC) and high-voltage alternating current (HVAC) infrastructure. These "hybrid interconnectors" will allow power swaps between Belgium and nearby countries, all while linking up with North Sea wind farms.

But it's not just about power. The project's design prioritizes the environment with features that support marine biodiversity, making it a "nature-inclusive" setup. This aligns with the European Union's REPowerEU strategy, aiming to speed up the shift from fossil fuels to renewable energy.

There's also more support from Belgium's recovery and resilience plan, with an additional $108 million (€100 million) loan through the European Recovery and Resilience Facility under NextGenerationEU.