KfW IPEX-Bank finances 30 MW floating offshore wind farm in the Gulf of Lion

June 7, 2022 | Renewables | Energy Facts Staff Writer | 2min

Project financing for the French 30 MW floating offshore wind farm in the Gulf of Lion (Éoliennes flottantes du golfe du Lion / EFGL)
Banking club consisting of KfW IPEX-Bank, Crédit Agricole CIB, Banco Santander, S.A., Mizuho Bank as well as EIB and Danish ECA EKF
Financing for the future technology of floating offshore wind power: KfW IPEX-Bank, together with Crédit Agricole CIB, Banco Santander, S.A., Mizuho and the European Investment Bank (EIB), is financing the 30 MW floating offshore wind farm EFGL off the French Mediterranean coast. EKF, the Danish export credit agency, is securing part of the financing. EFGL is one of the world’s first commercially financed floating offshore wind farms. KfW IPEX-Bank is the first German bank to finance a floating offshore wind farm.

“We see enormous potential in floating offshore wind farms,” said Dr Velibor Marjanovic, member of the Management Board of KfW IPEX-Bank. “Fixed offshore wind farms can only be operated economically up to a certain sea depth. Floating wind farms will open up deeper waters. This gives us the opportunity to expand offshore wind power much more and drive the decarbonisation of energy generation faster worldwide.”

At the floating offshore wind farm in the Gulf of Lion, three Vestas wind turbines (type V164-10MW) will be installed on semi-submersible platforms. The energy plant will be located more than 16 kilometres from the coast near Leucate and is scheduled to go into operation at the end of 2023. The water there is 75 metres deep.

The sponsors of the project are Ocean Winds, an international offshore wind energy company created by ENGIE and EDP Renewables (EDPR) (50:50 JV), and Banque des Territoires (groupe Caisse des Dépôts).

With this financing, KfW IPEX-Bank is supporting the expansion of renewable energies in Europe. More than a decade ago, KfW IPEX-Bank played a leading role in establishing the bankability of bottom-fixed offshore wind farms. Since 2010, financings for a total of 31 offshore wind farms in Germany, the UK, Belgium, France, Taiwan and the USA have been structured and arranged.