Diversified German conglomerate EnBW Energie Baden-Württemberg (EnBW) has secured a €500m loan from the European Investment Bank for its 288MW EnBW Baltic 2 offshore wind farm.
The proposed farm will be located 32 km north of the island of Rügen and will employ 80 turbines to generate a total of 1.2 billion kWh of electricity.
European Investment Bank vice president Wilhelm Molterer said the project will be exemplary for future projects of this magnitude.
"With the financing that has now been agreed, it will be possible to implement the extensive project quickly and make a decisive contribution to the success of the energy transition," said Molterer.
Expected to be commissioned in 2014, the offshore farm will meet the energy requirements of 340,000 households while reducing carbon emissions by 900,000t per annum.
EnBW Energie Baden-Württemberg Financial chairman Thomas Kusterer added, "The commitment of EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition.
"Participation of the EIB in such projects represents a decisive element in structuring and financing."
EnBW Baltic 2 is the company’s second offshore project with the first being EnBW Baltic 1, located southwards from the current site.