EIB Approves EUR 250 Million Loan for Rentel OWF

The European Investment Bank (EIB) has approved a EUR 250 million loan to Rentel NV for the development of the 309MW Rentel offshore wind farm in Belgian waters of the North Sea.

Rentel was founded by a consortium of 8 Belgian shareholders, including Otary Offshore Energy and DEME Group.

The consortium aims to complete the EUR 1.25 billion project financing by the summer of 2016, with the construction works starting shortly thereafter. The first wind turbines will start generating power by mid-2018, and become fully operational by the end of 2018.

Last week, Rentel ordered a subsea cable system for the wind farm from ABB, and in March the company awarded STX France with the EPCI contract for the wind farm’s offshore substation.

In october 2015, Rentel chose Siemens as its preferred bidder for the supply and installation of 42 offshore wind turbines generators.

Rentel OWF is located approximately 34 kilometres from Zeebrugge and approximately 40 kilometres from Oostende. The development headquarters are located in the harbour of Ostend, where also the operational management of the wind farm will be based.