EIB Weighs $442 Million Loan for Colruyt Wind Farm Off Belgium

The European Investment Bank may loan as much as 335 million euros ($442 million) to a Belgian offshore wind farm owned by the retailer Colruyt SA (COLR) and a unit of the renewable energy developer Aspiravi Holding NV.

The Northwind project, formerly known as the Eldepasco wind park, will be 216 megawatts in capacity when built, the European Investment Bank said in a website statement.

The European Union’s lending arm is considering the loan to the venture between Belgium’s Colruyt and the offshore wind division of Aspiravi as the 27-nation bloc moves toward meeting a goal of getting 20 percent of energy from renewable sources by 2020 to help fight climate change.

Northwind NV plans to construct the North Sea farm at Bank zonder Naam, according to the group’s website. Vestas Wind Systems A/S (VWS) agreed on a conditional contract to supply turbines at the facility in January.

The EIB’s plan for the loan doesn’t commit the bank to finance the project, according to the EIB. It will require approval from the board of directors and signing of a contract before the loan is made.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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