Elia Transmission Belgium (ETB) and the European Investment Bank (EIB) have signed a €650 million green credit facility agreement. The proceeds are earmarked for the realisation of the first phase of the Princess Elisabeth Island project.
The Princess Elisabeth Island will be constructed between 2024 and 2027, approximately 45 km off the Belgian coast within the Princess Elisabeth wind zone. By integrating 3.5 GW of additional offshore wind capacity into Belgium’s electricity grid, the Princess Elisabeth Island will reduce the country’s dependence on fossil fuels.
In addition to unlocking Belgium’s second offshore wind zone, the Princess Elisabeth Zone, the island will also serve as a landing point for additional interconnectors linking Belgium to its neighbouring countries. The project is backed by the REPowerEU initiative, which aims to reduce Europe’s reliance on fossil fuel imports and accelerate the shift to sustainable energy. Additionally, the energy island is a flagship project within Belgium’s recovery and resilience plan, securing a €100 million loan from the overarching European Recovery and Resilience Facility under NextGenerationEU.
