Elia Transmission Belgium (ETB) has secured a €650 million green loan from the European Investment Bank (EIB) for the Princess Elisabeth Island project. This artificial energy island in the North Sea aims to add 3.5 GW of offshore wind capacity to Belgium’s power grid, reducing the country’s dependence on fossil fuels and increasing energy security. The project is scheduled to be completed between 2024-2027 and will be located 45 kilometers off the Belgian coast.
Key Project in Europe’s Energy Transition
Princess Elisabeth Island will unlock the Princess Elisabeth Region, Belgium’s second offshore wind zone, facilitating the transfer of energy from offshore wind farms. It will also create hybrid links between Belgium and the United Kingdom and other neighboring countries. These hybrid lines will strengthen the integration of the European energy market while making energy transfer more efficient. The island will not only improve Belgium’s energy infrastructure, but also contribute to regional cooperation and help Europe achieve its green energy goals.
Emphasis on Innovation and Sustainability
The project is a world first, hosting both high-voltage direct current (HVDC) and alternating current (HVAC) infrastructure. The hybrid connections will feature an innovative design that protects biodiversity while setting a benchmark for sustainable energy solutions. The innovative nature of the project once again emphasizes the importance that the European Investment Bank attaches to the energy transition.
Strong Support from European Institutions
Princess Elisabeth Island is supported by the European Union’s REPowerEU initiative and the European Recovery and Resilience Facility. The project is considered a flagship initiative within Belgium’s recovery and resilience plan and plays an important role in helping Europe achieve its climate neutrality goals. By prioritizing such projects, the European Investment Bank aims to accelerate Europe’s sustainable energy transition.
A Milestone for Belgium and Europe
The energy island project will provide affordable green energy to 3 million households in Belgium, as well as increase the competitiveness and resilience of the European energy market. The project not only ensures energy security but also strengthens Europe’s regional energy cooperation, said EIB Vice President Robert de Groot. ETB CEO Catherine Vandenborre said that the project will transform Europe’s energy infrastructure and help Europe become a leader in the global energy transition.
Princess Elisabeth Island is one of Belgium and the European Union’s pioneering projects in the green energy transition. The island sheds light on the energy solutions of the future by bringing together the goals of energy security, sustainability and economic development.