Crowdfunding launched for 500-MW Fecamp offshore wind project

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January 26 (Renewables Now) - EDF Renewables has kicked off a loan crowdfunding campaign to finance the construction of the roughly 500-MW Fecamp offshore wind project in French waters.

The campaign was launched through the Kiwai platform and seeks to raise a loan amount of EUR 750,000 (USD 909,680), EDF Renewables said on Monday. It will be open to Normandy residents, inviting contributions from between EUR 20 and up to EUR 2,000 per person. The initiative will be deemed successful if EUR 500,000 are raised.

The loan is guaranteed by the Caisse d’Epargne Normandie and supported by the Normandy Region. The lender will receive a gross interest of 3% over five years.

The Fecamp project, located 13 km (8.08 miles) off the Normandy coast, is being developed by a consortium consisting of EDF Renewables, part of French EDF Group (EPA:EDF), Canadian energy infrastructure firm Enbridge Inc (NYSE:ENB), through its EIH Sarl subsidiary, and Germany's Wpd. The wind farm will be equipped with 71 Siemens Gamesa turbines, which are planned to go live at the end of 2023.

When fully operational, Fecamp will be capable of producing enough electricity to supply around 770,000 people. Its construction commenced in the spring of 2020.

(EUR 1.0 = USD 1.213)

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