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EIB Considers West of Duddon Sands Financing
Dong Energy and Iberdrola may receive US$1.1 billion in financing from the European Investment Bank for an offshore wind farm in the Irish Sea, the EIB said in a statement. The total cost of the project is estimated at US$2.27 billion.
The 389-megawatt project, West of Duddon Sands, is located about 14 kilometers off Walney Island in Cumbria. It will consist of 108 of Siemens’ 3.6-megawatt turbines. Work has begun on a construction facility at Barrows in Belfast that will serve as the base of operations for the project. Commissioning has been scheduled for the end of 2014.
The loan must be approved by the EIB board and a finance contract signed before funds can be handed out, according to the bank’s website.