EIB to provide €587m on Dutch wind farm project

The European Investment Bank (EIB) on Thursday agreed to provide 587 million euros (802 million U.S. dollars) on Gemini, the world's largest offshore wind farm to be constructed in the Netherlands. Gemini offshore wind farm will be located 85km north of the Netherlands, at a site in the North Sea not visible from land. Once operational the 600MW wind farm will supply renewable electricity for more than 1.5 million people. "Gemini will make a significant contribution to European renewable energy production and create hundreds of jobs in the Netherlands," said Pim van Ballekom, EIB Vice President. "It is both the world's largest offshore wind farm and largest ever renewable energy project to be backed by project finance." van Ballekom claimed. More than 500 people will be employed during the expected three year construction period and around 120 permanently work during the first 15 years of operation. Overall building costs of the Gemini wind farm are expected to be 2.8 billion euros. 85 percent of electricity generated by the Gemini wind farm will be marketed by Dutch energy company Delta, according to the EIB's press release.