EIB grants Elia 1 billion euro credit for Princess Elisabeth Island

The European Investment Bank (EIB) has granted Elia Transmission Belgium a 1 billion euro green credit line to fund the Princess Elisabeth Island project in the North Sea. This represents the largest financing ever awarded by the EIB for an energy infrastructure project in the Benelux region.

Located approximately 45 kilometers off the Belgian coast, the artificial energy island will serve as a central hub for offshore wind power, creating capacities for between 3.15 and 3.5 gigawatts. The funding will cover critical components, including a 220 kV high-voltage station, 66 kV switching stations, transformers, and alternating current connections to the mainland via six three-phase cables.

This new credit line, combined with a previous 650 million euro facility from 2024, brings the total EIB support for the project to approximately 1.6 billion euros. The first drawdown from the new line occurred in late July. The project is designed to have a 60-year lifespan, with the first wind farms in the zone expected to be connected by 2031. While the first phase is moving forward, discussions continue regarding a second phase that would include an interconnector to the United Kingdom.