Elia Secures More Than $1bn for Second Phase of Energy Island
Elia Transmission Belgium has secured a $1.16 billion (€1 billion) green credit facility from the European Investment Bank (EIB) to support the second phase of the Princess Elisabeth Energy Island project in the North Sea.
The funding will cover key infrastructure, including the island’s 220 kV high-voltage substation, transformers, switching stations and AC connections to the Belgian mainland.
Located around 45 km off the Belgian coast, the artificial energy island will connect existing and future offshore wind farms to Belgium’s electricity grid. It will also enable a potential future electricity interconnector with the UK.
The EIB said the facility is its largest loan for an energy infrastructure project in the Benelux. The financing follows a $755 million (€650) million green credit facility provided in 2024 for the project’s first phase.
Construction and electrical installation work will continue over the coming years, with the island expected to connect the first offshore wind farms in the Princess Elisabeth Zone from 2031.
Source: Elia
