EIB Studies $1.1 Billion for Dong, Iberdrola U.K. Offshore Wind

The European Investment Bank may lend 850 million euros ($1.1 billion) to an offshore wind farm in northwest England being developed by Dong Energy A/S and Iberdrola SA.

The West of Duddon Sands project in the Irish Sea will cost 1.7 billion euros to build, according to a statement today on the Luxembourg-based bank’s website. The 389-megawatt venture, with 108 turbines, will power 300,000 U.K. homes when operating from 2014, Danish utility Dong’s website shows.

The loan must be approved by the EIB board and a finance contract signed before funds can be handed out, according to the bank’s website.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editors responsible for this story: Amanda Jordan at ajordan11@bloomberg.net; Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.