Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
The European Investment Bank (EIB) signed a financing agreement with Stadtwerke München (SWM) for the SWM Sandbank Offshore Windpark, providing EUR 500 million of debt to support construction and operation of the 288 MW Sandbank offshore wind farm. The project is located approximately 90 kilometres west of the island of Sylt in the German sector of the North Sea. The loan forms part of the overall capital structure for Sandbank and underpins development of offshore wind capacity contributing to EU and German renewable energy and security-of-supply objectives. The EIB notes that an Environmental Impact Assessment was completed and approved and that a conditional construction and operating permit had been granted, clearing the way for financing approval and loan signature on 22 December 2014.