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European Union finances Beatrice windfarm off Scottish coast

Xinhua, May 25, 2016 Adjust font size:

The financial instruments of the European Union (EU) will provide 525 million pounds (767.85 million U.S. dollars) for the Beatrice windfarm off Scottish coast in the United Kingdom, the European Commission said in a statement on Tuesday.

The European Investment Bank (EIB) will give the project a 19-year long-term loan, part of which will be guaranteed under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

According to the statement, the 86 turbine Beatrice windfarm will fulfill the energy needs of more than 475,000 homes and is expected to be fully operational in 2019.

The project is the single largest investment in an offshore wind farm by the EIB.

The Beatrice windfarm will use a new generation of Siemens 7MW Wind Turbines with 154 meter diameter rotor blades, the statement said.

The wind turbines, the largest generally available, will each be more than 190 meters high, taller than the Gherkin building in the City of London. The whole cost of the new windfarm will be more than 2.7 billion pounds.

"Thanks to the investment plan and the European Investment Bank, we are getting closer to reaching our COP21 goals," said Maros Sefcovic, European Commission Vice-President responsible for Energy Union.

"Indeed more than half of the EFSI projects approved so far are in renewable energy, energy efficiency and green investment," he said.

The European Commission expects the construction and operation of the Beatrice windfarm to support job creation, skills training opportunities and opportunities for local businesses in both the Moray and Highland regions of Scotland.

"We are pleased to provide 525 million pounds to support construction of the Beatrice windfarm that will strengthen renewable energy generation in Scotland," said Jonathan Taylor, European Investment Bank Vice President.

"This also represents the first Scottish scheme to be backed by the new European Fund for Strategic Investments. EIB backing for energy investment across the UK demonstrates our firm commitment to supporting ambitious energy projects that create jobs and benefit local companies," he added.

The EFSI was established last year by the EIB and the European Commission to enable increased lending crucial projects in strategic sectors. Enditem