The first phase of Thornton Bank came online last year with five REpower 5MW turbines. The wind farm will eventually reach 300MW.
The second phase is estimated at €1.25billion, of which €890million would be financed by debt over the next 15 years. The balance will come from existing shareholders and the revenue generated by the wind farm.
A total of eight banks - including Dexia and the European Investment Bank, are expected to provide nearly half of the borrowed sum. An additional €80million of credit is also being made available in case of overspending.
In January, Thornton Bank was one of nine wind projects to receive funding from the European Energy Programme for Recovery. The wind farm received €10million.
The Thornton Bank Wind Farm is located 30km (18.6 miles) off the Belgian coast. The first phase of the project, which went online in 2009, put into service five REpower turbines with a combined capacity of 30MW.
Belgium’s second wind farm also began construction last year; installation of all 55 monopile foundations was completed in February at the 165MW Belwind project on the Bligh Bank, 46 kilometres off Zeebrugge. The Vestas 3MW turbines are expected to be fully operational this year.