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.