Half of the loan amount is being guaranteed under the European Fund for Strategic Investments (EFSI). Construction of the project is expected to begin in the spring of next year with the wind farm starting operations by the summer of 2019.

The wind farm will be located 23km off the coast of Belgium in the North Sea. It will include 44 MHI-Vestas 8.4MW turbines, which will have a rotor diameter of 164m.

Recently, a joint venture of Mitsubishi and Eneco have claimed 50% stake in the project, while the other 50% is owned by Belgian telecom services provide Nethys.

According to an estimate by Mitsubishi, the total cost of the project could be $1.28bn. The EIB will offer up to 40% of the total cost.

During the construction phase, the project is expected to create at least 2530 jobs per year and about 16 full-time positions, once the operations begin.

EIB vice-president Pim van Ballekom said: “Renewables are a long-term goal for the EIB and this signature shows that Belgium is serious about making the shift away from carbon-based energy production.

“In the last 5 years the EIB has invested over EUR 880 million in wind energy projects in Belgium to ensure a safe, affordable and diversified supply for a large portion of the Belgian population.

“Thanks to the backing under EFSI, the Bank can take on more of these projects, which create jobs while helping to support the energy switch.”

European Commission, Energy Union vice-president Maroš Šefcovic said: "Today's agreement demonstrates how the EFSI can act to boost investment while also helping to ensure that Europe has secure, affordable and climate-friendly energy sources.

“I believe that the Investment Plan will continue to make a substantial contribution towards Europe's transition to a becoming a secure, competitive and low-carbon economy in the years ahead."