Triodos Bank co-finances an offshore wind farm in Belgium for the first time

Triodos Bank has provided credit for an offshore wind farm for the first time in Belgium. Northwester 2 is a wind farm in the North Sea operated by the Belgian Parkwind group. Triodos Bank was the first bank in Belgium to finance a wind turbine in 1999. In 2017, the group signed new financing contracts for 68 energy projects for a total of more than €600 million. It earned Triodos the title of most active financier of renewable energy projects in the world*.

Parkwind, the group that combines the interests of Colruyt Group, PMV and Korys in Belgian offshore wind farms, announced recently the financing of Northwester 2, their 4th offshore wind farm. Parkwind will work with Triodos Bank, among other banks. Northwester 2 will generate an additional 219 megawatts of wind energy in Belgium by 2020 and fulfil the energy needs of 220,000 households.

First offshore energy project for Triodos Bank in Belgium

A Project Finance Team in Belgium conducted the negotiations on behalf of Triodos Bank, supported by the international Energy & Climate Desk of the bank. The bank has previously been involved in offshore deals in Germany. The increased capacity of the wind turbines and their decreased cost price have resulted in a rapid growth of offshore wind energy production.

“Offshore wind energy is an important pillar in the energy transition to a green, more electricity-oriented, energy system. Every Euro of funding of offshore wind energy contributes to reducing the carbon footprint of our economy. Triodos is happy to participate. We are now doing this with Parkwind and it is our ambition to do the same for other offshore energy projects in Belgium and elsewhere in Europe.”

Thomas Van Craen, Director of Triodos Bank Belgium

The move to offshore wind energy is a new stage in the financing of renewable energy projects for Triodos. Triodos Bank was a pioneer in 1999 when it was the first bank in Belgium to finance a wind turbine. This was the Middelwind project on land in Lombardsijde. The wind turbine had a capacity production of 660 kilowatts which met the energy needs of 600 households. For comparison: Parkwind will install the first of a new generation of powerful wind turbines.  One such wind turbine has a capacity of 9.5 megawatts, which meets the energy needs of 9500 households.

Financing of 472 sustainable energy projects preventing 2.4 million tonnes of CO2

Sustainable energy projects account for almost a quarter of the credit portfolio of Triodos Bank. These are mainly projects in wind and photovoltaic solar energy. It also has projects for hydropower plants, heat and cold storage, and energy efficiency. The group also invests in renewable energy through Triodos investment funds. Triodos Bank and its climate and energy investment funds funded 472 projects in the energy sector at the end of 2017. These generate enough electricity for 1.4 million households and prevent the emission of more than 2.4 tonnes of CO2.  

No financing of fossil fuels

Triodos does not grant any credit to and does not invest in fossil fuels (oil, gas or coal) or nuclear energy.

“The financial sector has a great responsibility to actively contribute to a rapid transformation of our economy and society towards sustainable energy supply. Not only by investing more in green projects but also by no longer investing in fossil assets. The financial sector must intervene more quickly, more decisively, and with much more climate-ambition than it does now.”

Thomas Van Craen

_{*Clean Energy Pipeline Global League Tables  - category:  Top 20 Lead Arrangers by Number of Deals}