The European Investment Bank (EIB) has made a €500mn loan to the German Baltic Sea’s biggest wind farm.

EnBW Baltic 2 is operated by EnBW Erneuerbare Energien, a special purpose vehicle, and will consist of 80 turbines. The farm will generate 1.2 billion Kwh of electricity annually – enough to power 340,000 households. It will save approximately 900,000 tonnes of carbon dioxide per year.

A spokesperson for the EIB was unable to confirm pricing or tenor. She advises GTR that while there is currently no private sector involvement as yet, “this may very well be the case one or two years from now”.

Financial chairman of EnBW Thomas Kusterer says: “The commitment of the EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition. It represents a decisive element in structuring and financing. We are delighted that we have created a solid financial basis for the project by signing the contract with the EIB.”