European Investment Bank to provide funds for new wind farm

The Associated Press

The European Investment Bank has agreed to provide extensive funding for a new wind farm off the northeast coast of Scotland.

 

LONDON (AP) — The European Investment Bank has agreed to provide extensive funding for a new wind farm off the northeast coast of Scotland.

The bank said Wednesday it would allocate 525 million pounds ($770 million) for the facility to be built 14 kilometers (9 miles) off the Caithness coast near Wick, 1,070 kilometers (670 miles) north of London.

The money would be used to build an 86-turbine wind farm that would be expected to generate enough renewable energy to provide the power needs of 475,000 homes.

The facility is expected to be in operation in 2019.

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