Dutch electricity company Eneco has signed a power purchase agreement (PPA) to buy up all power generated from the Belgian offshore wind farms Seastar and Mermaid (SeaMade).
SeaMade, which is jointly owned by the Otary consortium (70%), Engie Electrabel (17.5%) and Eneco (12.5%), has recently achieved financial close of €1.3bn.
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Germany’s KfW IPEX-Bank has also participated in the financing of the SeaMade project, where it has agreed to provide €160m debt capital.
In addition to KfW IPEX-Bank, the European Investment Bank (EIB) and the Danish export credit agency EKF were also involved in the financing, along with 14 commercial banks.
Eneco noted it has concluded a long-term PPA with the other shareholders regarding the supply of energy and the agreement is in line with the company’s growth strategy.
With a combined capacity of 487MW, SeaMade construction works will begin from next year off the coast at Zeebrugge.
Upon completion in 2020, the Belgian offshore wind farms are expected to generate enough energy to power 500,000 households in the region.
The project will feature Siemens Gamesa’s 58 wind turbines, which are claimed to be the largest turbines in the world with a mast of 109m and a rotor diameter of 167m.
Eneco chief strategic growth officer Kees-Jan Rameau said: “We aim for growth with respect to customers, sustainable energy and smart energy services. These areas are strongly interrelated.
“For example, as a result of the acquisition of ENI last year, we welcomed a large number of new customers in Belgium. I am proud that, in time, this long-term agreement will allow us to supply them with green power that is completely generated locally.”
