Friesland OWF Secures EUR 7 Million Loan

Funs Skjinne Fryske Enerzjy (FSFE), a Friesland-based investor in local renewable projects, has provided a EUR 7 million loan for the development of the 320MW Friesland offshore wind farm (Windpark Fryslân).

The wind farm is developed by Ventolines BV on behalf of Windpark Friesland BV. It is located in the Frisian part of the IJsselmeer lake and will comprise 89 turbines.

“The funding provided by FSFE is a loan with a matching return, which is partly dependent on profits. It is certainly not a subsidy,” said the project director Anne de Groot.

The FSFE loan will be repaid once institutional investors including banks and pension funds provide financing for the construction of the wind farm scheduled to start in 2019. The wind farm is expected to produce first power during 2020.

FSFE is a 100% subsidiary of the Province of Friesland which has already announced its intention to finance the project.

Offshore WIND Staff