KfW IPEX-Bank finances first French offshore wind farm Saint-Nazaire
Press Release from 2019-11-04 / KfW IPEX-Bank
KfW IPEX-Bank is participating in the financing of the first French offshore wind farm Saint-Nazaire off the coast of the Guérande peninsula in western France. The non-recourse facilities total around EUR 2.0 billion, with KfW IPEX-Bank contributing EUR 100 million.
"The Saint-Nazaire wind farm is an important milestone for the French energy transition and on the country's path to a carbon-neutral future. We are very pleased to play an important role in achieving these goals," explained Markus Scheer, member of the Management Board of KfW IPEX-Bank responsible for Power, Renewables and Water. "At the same time, the project underlines our expertise in the field of offshore and renewable energies. In the last ten years KfW IPEX-Bank has financed more than 25 offshore wind farms in Germany, Belgium, UK, Taiwan and now France."
Including the current financing, the offshore portfolio of KfW IPEX-Bank amounts to 10,693 MW (cumulative installed capacity). With its wind energy financings KfW IPEX-Bank makes a significant contribution to climate and environmental protection worldwide.
Owners of the 480 MW Saint-Nazaire offshore wind farm are the French energy company EDF Renouvelables and the North American energy infrastructure company Enbridge.
With its several thousand kilometres of coastline along the North Sea, the English Channel, the Atlantic Ocean and the Mediterranean Sea, the French market for offshore wind farms is one of the world's most important growth markets for energy production from offshore wind power.