Germany: EIB and Parkwind start technologically advanced offshore-wind farm project

(Source: European Investment Bank)

  • Windpark Arcadis Ost 1 is the first wind farm to be built entirely by using swimming platforms.  
  • 570 million Euro for Parkwind`s first investment in Germany have been collected from EIB and nine institutes.  
  • Transaction backed by the European Fund for Strategic Investment (EFSI).

One of the most innovative wind farm projects in Europe has secured financing. The European Investment Bank (EIB) together with nine institutes has collected 570 Million Euro to build the Arcadis Ost 1 wind farm, with the EIB funding 150 million Euro. Also contributing are the Institutes KBC, Belfius, Helaba, KfW, IPEX-Bank, Rabobank, Société Général, ING and EKF.

The EIB loan will benefit from a guarantee of the European Fund for Strategic Investment (EFSI), the main pillar of the Investment Plan for Europe. Offshore installation works are due to begin in 2022, and the wind farm, that will generate power for the equivalent of 290 000 households, is expected to be fully operational in 2023.

The Belgian wind farm specialist Parkwind will use new, entirely swimming platforms to erect the windmills in the  Baltic Sea northeast of the island Rügen. The new technology is expected to be more efficient on difficult seabed than the Jack-up-vessels that have been normally in use.

So far, Parkwind has realized wind farm projects exclusively in Belgium. The German wind farm is the first international project of the company. After being successful in the competition for this project in 2018, Parkwind has obtained its permit by the government of the federal state Mecklenburg-Vorpommern in March 2021.

“EIB is proud having acted as the anchor investor together with EFSI for this innovative project”, said EIB-Vice-President Ambroise Fayolle, who is responsible for environment, climate action and the circular economy and has oversight over EIB operations in Germany. “Offshore wind farms are a cornerstone for the EU Green Deal to help reaching the goal of a net-zero-emission-economy in Europe.”

EU-Commissioner for the Economy, Paolo Gentiloni, said: “To reach our goal of climate-neutrality by 2050, we need to massively expand our use of renewable energy sources. This new offshore wind farm, supported by the Investment Plan for Europe and the European Investment Bank, is an important step in this direction. With its innovative, more efficient technologies, it will help to deliver enough clean energy for 290,000 households, providing a major boost to the green transition in Germany.”

Eric Antoons, Co-CEO of Parkwind, commented: “Being joined by such a strong group of lenders gives us further confidence in the pursuit of our mission and our ambition to grow internationally.  We now focus on delivering the project and contribute to Germany’s transition towards renewable energy sources.”

The Energy-Minister of the German federal state Mecklenburg-Vorpommern, Christian Pegel, said: “Since the approval of the first offshore wind farm in the German Baltic Sea in 2011, offshore wind has not only contributed to the energy transition, but also to an enormous economic development in our region. With Arcadis Ost 1, now the fourth offshore wind farm off coast Mecklenburg-Vorpommern, we are continuing this success story. In the future, we want to use offshore wind to generate climate-neutral hydrogen, making our region even more attractive for new business settlements.”

Background information

About Parkwind

Parkwind is an independent green energy company that develops finances and operates offshore wind farms. With more than a decade of experience and 771 MW under operational management in the Belgian North Sea, Parkwind is currently expanding internationally. With active projects at various stages of development, such as Arcadis Ost 1 (DE) or Oriel (IRL), Parkwind is set to add another 1.1 GW of capacity under its management.

Composed of over 120 professionals operating from offices in Belgium and Ireland, Parkwind leads the offshore wind energy activities of its Belgian shareholder Virya Energy, which is owned by the Colruyt Group and Korys.

About EFSI and the Investment Plan for Europe

The Investment Plan for Europe is one of the EU’s top priorities to boost investment and to create jobs and growth by making smarter use of existing and new financial resources. The EIB Group is playing a vital role in this investment drive. Through guarantees from the European Fund for Strategic Investments (EFSI), the EIB is able to take on a higher share of project risk, encouraging private finance providers to participate in projects. In addition, EFSI is accompanied by an advisory service, the European Investment Advisory Hub, which enables public and private project operators to structure their investment projects more professionally. The projects and agreements approved for financing under EFSI so far are expected to mobilise 546.5 billion Euro in investments and support more than 1.4 million start-ups and SMEs across all EU Member States.

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