The European Investment Bank (EIB) has granted Elia Transmission Belgium a credit facility for the Princess Elisabeth Energy Island in Belgium. The loan will cover, among other things, the high-voltage substation on the island, 66 kV switching stations, transformers and alternating current connections to the mainland.
The financing amounts to €1 billion and will support the project’s electrical infrastructure while helping to limit its financing costs. The financing follows the EIB’s earlier support for the project, including a €650 million green credit facility granted in 2024 for its first phase.
The energy island will support the development of Belgium’s second offshore wind zone, also named the Princess Elisabeth Zone, and provide an opportunity to increase cross-border electricity exchange. It will also enable a future electricity interconnector with the United Kingdom.
The project’s design has recently been optimised, while the installation of the 23rd and final foundation element has completed a key phase of construction.
Electricity will be transported from the island to shore through six three-phase 220 kV alternating current cables connected to the onshore 220 kV substation. Work on the island’s structure, cable connections and electrical installations will continue over the coming years, with the first offshore wind farms in the Princess Elisabeth Zone expected to be connected from 2031 onwards.
