EU Backs Belgian Offshore Wind with €682 Million Boost

EU regulators have approved a 682 million euro Belgian state aid scheme for renewable offshore wind energy. This initiative supports a wind farm with a capacity of 700 MW in the North Sea, intended to bolster Europe’s renewable energy sources, although grid permitting problems persist.

EU regulators have given the green light to a 682 million euro ($756.54 million) Belgian state aid scheme aimed at bolstering renewable offshore wind energy, according to a statement from the European Commission. The funding will support the construction and operation of a wind farm in the North Sea, which is projected to have a capacity of 700 MW and generate at least 2.6 terawatt-hours of renewable energy annually.

This initiative aligns with Europe's ambitious target to derive 42.5% of its energy from renewable sources by 2030. However, the process for obtaining grid permits has been slow, and the region's power networks are lagging in upgrades. Industry insiders warn that the backlog in permitting could impede progress towards achieving green energy goals.

(One U.S. dollar equals 0.9015 euros)

(With inputs from agencies.)