Elia Transmission Belgium (ETB) has signed a $700 million (€650 million) green credit facility agreement with the European Investment Bank (EIB), enhancing ETB’s financing capabilities while advancing Europe’s shift from fossil fuels to renewable energy. The funding will support the initial phase of the Princess Elisabeth Island project, a crucial development for both Belgium and the European energy transition, enabling the transmission of substantial North Sea wind energy to mainland consumption centers.

The signing ceremony occurred on October 25, 2024, at the island's caisson yard in Vlissingen (NL), attended by notable figures, including Tinne Van der Straeten, Belgium's Minister of Energy, and Thomas de Béthune, Head of European Commission Representation in Belgium.

Planned for construction between 2024 and 2027, the Princess Elisabeth Island will be situated approximately 45 km off the Belgian coast within the Princess Elisabeth wind zone. This innovative project will integrate 3.5 GW of offshore wind capacity into Belgium’s electricity grid, providing power for over 3 million households and significantly reducing reliance on fossil fuels.

The EIB's support underscores ETB's role in connecting offshore wind capacity to Europe’s onshore grid, promoting renewable energy and energy security. The project is part of the EU's REPowerEU initiative, aimed at decreasing fossil fuel dependency and accelerating sustainable energy solutions.

As a flagship project in Belgium’s recovery plan, the Princess Elisabeth Island also received a $110 million (€100 million) loan from the European Recovery and Resilience Facility. ETB's interim CEO, Catherine Vandenborre, emphasized the importance of this support for enhancing Belgium's energy infrastructure and fostering regional cooperation.

With its innovative design, the Princess Elisabeth Island will feature both high-voltage direct current (HVDC) and alternating current (HVAC) systems. Construction of the island's foundations has already begun, with caissons being built in Vlissingen and set to be installed at sea.

Source: elia.be