The European Investment Bank (EIB) and Elia Transmission Belgium (ETB) have signed a €650 million green credit facility agreement, further broadening ETB’s financing portfolio and advancing Europe’s transition from fossil fuels to green energy.
The proceeds are earmarked for the realization of the first phase of the Princess Elisabeth Island project.
The Belgian energy island is crucial for the Belgian and European energy transition, helping to bring large amounts of wind energy from the North Sea to the consumption centers on the mainland.
The contract was signed by EIB Vice-President Robert de Groot, ETB CEO Frédéric Dunon, and ELIA Group Interim CEO Catherine Vandenborre on 25 October 2024 at a ceremony held at the island’s caisson yard in Vlissingen (NL).
The Princess Elisabeth Island will be constructed between 2024 and 2027, at about 45 km off the Belgian coast within the Princess Elisabeth wind zone.
