Elia, Belgium’s high-voltage grid operator, has secured a 650 million euro loan from the European Investment Bank (EIB) for the construction of Princess Elisabeth Island, an artificial energy island off the Belgian coast. The loan agreement, signed Friday, supports the project under the European Commission’s REPowerEU programme, which aims to reduce Europe’s reliance on fossil fuel imports. Elia had previously received nearly 100 million euros from the European recovery fund for this initiative.
The agreement was formalised in Vlissingen, Netherlands, where Belgian dredging companies DEME and Jan De Nul are working on the island’s foundations. Outgoing Belgian energy minister Tinne Van der Straeten (Groen) and diplomatic representatives from North Sea nations attended the signing.
Video showing drone images of the construction site of the future Princess Elisabeth Island in Vlissingen
©BELGA HANDOUT ELIA
Princess Elisabeth Island, situated about 45 kilometres off Ostend, will be the world’s first artificial energy island to integrate direct and alternating currents. Scheduled for completion in 2027, it will bundle up to 3.5 gigawatts of electricity from the Princess Elisabeth wind zone. Additionally, it is set to serve as a future hub for hybrid interconnectors, enabling power exchanges with neighbouring countries.
EIB vice president Robert de Groot highlighted the island’s strategic significance, saying, “Princess Elisabeth Island is essential for Belgian and European security of supply and energy independence. It not only strengthens the Belgian energy infrastructure but also promotes the development of crucial interconnections with neighbouring countries, which benefits regional cooperation.”
Recently, the project drew attention due to rising construction costs, which could potentially increase household and business energy bills. In response, Elia said that Princess Elisabeth Island remains the optimal solution from both technical and economic perspectives.
Construction site of the Prinses Elisabeth Eiland in the North Sea in Vlissingen
©PHOTO BELGA PHOTO DIRK WAEM
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