The European Investment Bank (EIB) has agreed to provide £51m for the GBP 352 transmission link to the second largest wind farm in the world.
The Gwynt y Môr offshore wind farm – located in Liverpool Bay, eight miles off the north Wales coast – will produce enough electricity to supply the energy needs of 400,000 homes with 160 turbines, with tips up to 150m above sea level, able to generate 576MW.
The EIB will support the Gwynt y Môr Offshore Transmission (OFTO), using the project bond credit enhancement facility to enhance the credit rating of bonds issued to finance the project.
The link is the largest OFTO to be financed through capital markets to date.
It includes two offshore substations and more than 120km of high-voltage transmission cables, as well as a new substation at St Asaph Business Park.
Past offshore transmission links supported by the EIB in the UK under the OFTO regime include Walney 1 and 2, Sheringham Shoal, Greater Gabbard and London Array.