EIB considers EUR 500m loan for Innogy Nordsee 1

332MW project planned in German North Sea

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RWE Innogy's project company, Innogy Nordsee 1 GmbH, has applied for EUR 500m of European Investment Bank (EIB) finance. The loan would go towards the EUR 1.1bn investment cost of Innogy Nordsee 1. Planned for a site in the North Sea, the 332MW development would deploy 54 Repower 6.15MW turbines.

EIB's engineers, economists and financial analysts are now carrying out a project appraisal, in close cooperation with RWE Innogy. The bank noted that an environmental impact assessment has been carried out and approval granted. The financing would be conditional on all project procurement being carried out in line with the relevant EU legalisation. The project was also awarded EUR 70m of funding in December 2012, via the NER300 programme.

RWE Innogy acquired the rights for Innogy Nordsee 1 at the end of 2008, from project development company ENOVA. The construction permit was granted in April 2012, for a site in the prioritised Nördlich Borkum area. The 'milestones' plan requires construction to begin by 1 July 2014, at the latest.

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