Monday rumors that Ørsted would be borrowing billions of euros from the European Investment Bank (EIB) for the construction of new wind farms have now been confirmed.

The two parties have signed an EUR 400m framework loan agreement, the EIB writes in a press release.

The EUR 400m is the first tranche of a total agreement of EUR 1.2bn for several projects in the North and Baltic Sea. The first tranche is expected to finance the Borkum Riffground 3 wind farm in the German North Sea.

“We’re very happy to once again work with the EIB to support the build-out of renewable energy in Europe and the long-term financing of Ørsted’s activities,” says Kasper Kiim Jensen, Ørsted Vice President and Head of Treasury and Capital Planning.

EIB Vice-President Thomas Ostros is pleased that the partnership with Ørsted continues with their now fifteenth joint project.

”Ørsted realizes the necessity and urgency of the energy transition, which is also one of our own key priorities. Building renewable energy capacity will remain crucial in years to come, to make sure we can sustainably and securely reach our climate goals,” he says.

(This article was provided by our sister media, EnergyWatch)