The Rentel project, located 40 kilometers north of Ostend, will be the fifth offshore wind project in the Belgian North Sea. The offshore wind farm will consist of 42 Siemens direct drive wind turbines and will have a total installed capacity of 309 MW. The total investment is € 1,1 billion.
The first power is expected to be feeded in the Belgian grid mid-2018. The wind farm will be fully operational by the end of 2018. The project will be financed by its 8 shareholders and a consortium consisting of the European Investment Bank and 8 commercial banks. This group includes AG Insurance, ASN Bank, Belfius, ING, KBC, KfW Ipex-Bank, Rabobank and Société Générale. The European Investment Bank will provide a € 250 million tranche via the European Fund for Strategic Investments (EFSI or Junker Plan) and fund a € 50 million tranche that will be guaranteed by Delcredere|Ducroire, while EKF will guarantee a € 208 million tranche.