RWE May Win 500 Million-Euro Loan From EIB for German Wind Farm

RWE AG (RWE), Germany’s second-largest utility, may win a 500 million-euro ($649 million) loan from the European Investment Bank to develop an offshore wind farm.

The 1.1 billion-euro Innogy Nordsee 1 facility, 40 kilometers (25 miles) north of the North Sea island of Juist, will have a capacity of 332 megawatts and use 54 turbines, the Luxembourg-based bank said today in a statement on its website. The loan requires approval by EIB’s board, the statement shows.

The site is the first of three RWE projects in the area totaling 1,000 megawatts in capacity, according to the Essen-based utility’s website. Germany plans to raise offshore wind capacity to 10,000 megawatts by 2020 from about 280 megawatts.

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