Elia and EIB Finalize €650 Million Green Financing for North Sea Princess Elisabeth 3.5 GW Offshore Energy Island
Belgian transmission system operator Elia and the European Investment Bank (EIB) have formally concluded a €650 million green loan facility, finalizing compr...
Elia and EIB Finalize €650 Million Green Financing for North Sea Princess Elisabeth 3.5 GW Offshore Energy Island
Belgian transmission system operator Elia and the European Investment Bank (EIB) have formally concluded a €650 million green loan facility, finalizing comprehensive financing for the electrical converter substations and caisson foundations of Princess Elisabeth Island, the world’s first artificial energy island.
- Publish date: 2026-10-01
- Category: Renewable Integration
- Original source: Elia Group Media Relations & European Investment Bank (EIB)
- Reading time: 5 min
Financing the Electrical Core of the World’s First Offshore Energy Hub
Located 45 kilometers off the Belgian coastline in the North Sea, Princess Elisabeth Island will consolidate 3.5 GW of offshore wind generation from the Princess Elisabeth Zone while serving as an offshore landing hub for future subsea HVDC hybrid interconnectors with the UK (Nautilus) and Denmark (TritonLink).
The €650 million facility signed on October 1, 2026, completes the island’s €2.3 billion overall funding package, unlocking immediate procurement for high-voltage direct-current (HVDC) and high-voltage alternating-current (HVAC) transformer substations mounted directly on the reclaimed concrete caisson perimeter.
Concrete Caissons and High-Voltage Switchyard Installation
Marine contractors have sunk 10 of the planned 12 concrete gravity caissons that form the protective outer ring wall of the 6-hectare island. Once ballasted with marine sand, the interior surface will house two 220 kV HVAC switchyards and a 525 kV VSC HVDC converter station.
The electrical package includes lightweight, vibration-isolated 525/220 kV step-up transformers and hermetically sealed SF6-free gas-insulated switchgear designed to resist aggressive marine salt spray and North Sea storm surges.
Connecting Clean Offshore Electrons by 2028
Elia confirmed that the first high-voltage export cables will make landfall in Zeebrugge in early 2028, establishing Princess Elisabeth Island as the European standard for multi-terminal meshed offshore grid architectures.
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