EIB to co-finance three floating offshore wind farms in France

The European Investment Bank (EIB) announces the conclusion of three financing agreements, with the support of the European Commission, for installing and commissioning three floating offshore wind farms off the French Mediterranean coast. 

These projects will help accelerate the energy transition in France and foster the emergence of a new generation of floating offshore wind platforms. Each project is based on a different innovative technology, and all of the floating wind turbines are anchored to the seabed by means of underwater cables. This innovation means that the turbines can be installed further away from the coast in areas where wind exposure is optimal, and also limits the ecological footprint of the projects. These three technological demonstrators, initiated by ADEME and co-financed by the EIB, have already provided crucial feedback for the future of the floating offshore wind industry, placing France at the forefront of this technology’s development.

The first, and easternmost, project is being carried out by Parc Eolien Offshore de Provence Grand Large, a subsidiary of EDF Renouvelables, and Enbridge Eolien France 2 S.à.r.l (EEF2), a subsidiary of Enbridge Inc. and CPP Investments. The EIB’s €50 million loan contributes to the design, development, construction, commissioning, operation, maintenance and dismantling of a floating offshore wind project consisting of three Siemens Gamesa turbines with a total capacity of around 25 MW. They are installed on tensioned line floats designed by SBM Offshore and IFP Energies Nouvelles. Located 40 km west of Marseille and 17 km off the coast of Port Saint Louis du Rhône in waters around 100 metres deep, the project is scheduled to come on stream in 2023. This floating offshore wind project, a technological first, is supported by InnovFin EDP facility NER 300, the Commission’s Regional Development Fund and the Southern Region. Under previous agreements signed in 2020 and 2021, the EIB is already working with these partners to finance offshore wind farms in the Normandy region in Fécamp (71 wind turbines with a capacity of 497 MW) and Courseulles-sur-Mer (64 wind turbines with a capacity of 448 MW).

Eolmed, the second project, is developed by independent electricity producer Qair and will be installed more than 18 km off the coast of Narbonne in the Aude department in the Occitanie region. It is being financed to the tune of €85 million by the EIB, with a guarantee by the European Commission's European Fund for Strategic Investments (EFSI), and construction will start in the autumn of 2022 for commissioning in mid-2024. This pilot farm will consist of three 10 MW Vestas wind turbines installed on semi-submersible barge floats. The turbines will be connected to the electricity transmission system by a submarine cable.

Finally, the westernmost project is the Eoliennes Flottantes du Golfe du Lion project. It is led by its two co-shareholders: Ocean Winds (a joint venture between EDP Renewables and Engie) and Banque des Territoires (part of the Caisse des Dépôts Group, or CDC). The project consists of three 10 MW Vestas wind turbines installed on floats. It uses the WindFloat technology developed by Principle Power which is already deployed on the EIB-funded WindFloat Atlantic project in Portugal. Located more than 16 km off the coast of Leucate (Aude) and Le Barcarès (Pyrénées-Orientales) at a depth of 70 metres, this floating wind farm has secured €75 million in EIB financing and is also guaranteed by EFSI. Its launch is scheduled for the end of 2023.

EIB Vice President Ambroise Fayolle said:

"These three loans for the first floating offshore wind farms in France are fully in line with the EIB's strategy of providing massive support for the development of renewable energy and the energy transition in Europe."

European Commissioner for the Economy Paolo Gentiloni said:

“Thanks to this investment, three floating offshore wind farms will help provide people and businesses with clean energy. This is more important than ever, as we are working to diversify our energy sources and accelerate the clean energy transition.”