World's largest offshore wind farm set for rescue by European Investment Bank
The world’s largest offshore wind farm, the London Array may be rescued by a cash injection from the European Investment Bank (EIB), the Times reports today.
To meet EU targets, the UK must source 15% of its electricity needs from renewable energy by 2015 and the £3bn London Array would make up 7% of this target.
The Thames Estuary scheme, which will comprise 341 windmills, enough for 700,000 homes, has been under pressure since oil firm, Royal Dutch Shell rescinded funding for the project. However, Masdar stepped in to take over the firm’s stake. Now it is teaming with E.ON and Dong Energy, the Danish firm, to take the project forward.
But recent tight lending conditions have put plans in doubt.
A spokesperson from the EIB said that the bank could neither deny nor confirm reports regarding individual projects but said it was: “fully committed to renewable energy in general” and “in discussion with a number of project promoters with people working in the UK”. The 504mW scheme is to be built off the Suffolk coast.
A decision on the Array is expected in the summer.