The European Investment Bank (EIB) has agreed to provide GBP 525 million for construction of the Beatrice windfarm to be built 14 km off the Caithness coast, near Wick in north-east Scotland. The new wind farm will cost more than GBP 2.7 billion and be built by Beatrice Offshore Windfarm Limited, a partnership formed between SSE, SDIC Power and Copenhagen Infrastructure Partners.
The GBP 525 million 19 year long-term European Investment Bank loan will support more than GBP 2.7 billion of overall investment. Part of the EIB loan will be guaranteed under the European Fund for Strategic Investments. The European Fund for Strategic Investments was established last year by the European Investment Bank and the European Commission to enable increased lending crucial projects by the EIB in strategic sectors such as renewable energy.
