The European Investment Bank (EIB) and Elia Transmission Belgium (ETB) have signed a $704 million (€650 million) green credit facility agreement, earmarked for the realization of the first phase of the Princess Elisabeth Island project.
The Princess Elisabeth Island will be constructed between 2024 and 2027, at about 45 km off the Belgian coast within the Princess Elisabeth wind zone.
The Princess Elisabeth Island will be the first artificial energy island in the world hosting both high-voltage direct current (HVDC) and alternating current (HVAC) infrastructure. The first of the island’s caissons, or foundations, are currently being built in Vlissingen in the Netherlands, and will soon be sunk at sea and filled with sand to form the foundations of the island.
The high-voltage infrastructure installed on the island will bundle together the export cables of the Princess Elisabeth Zone wind farms while also serving as a hub for future interconnectors that will link Belgium to the United Kingdom and other countries.
These hybrid interconnectors will perform two functions at once, meaning that their design is more efficient than that of most current interconnectors. These hybrid interconnectors will enable power exchanges between Belgium and its neighbors whilst also being connected to large offshore wind farms in the North Sea.
The latter will eventually supply Belgium with large quantities of renewable energy.
(Credit: EIB)
The island is one of ETB’s key projects and is the world’s first artificial energy island. By integrating 3.5 GW of additional offshore wind capacity into Belgium’s electricity grid, enough to power more than 3 million households, the Princess Elisabeth Island will reduce the country’s dependence on fossil fuels and provide more affordable green electricity, contributing to social welfare and industrial competitiveness.
It will also significantly contribute to the European Union meeting its renewable energy targets and climate-neutrality goal.
"We highly value the support provided by the European Investment Bank, which is a testament to our European ambitions and marks another milestone in our funding diversification strategy.
“Our proven expertise and pioneering work on creating an artificial energy island amplify Europe's innovative edge and competitiveness amidst a global energy shift. This loan will provide us with stable, long-term financing with favorable conditions – for the benefit of Belgian consumers,” said Catherine Vandenborre, Elia Group’s interim CEO.
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