LUXEMBOURG, Oct. 26 (UPI) -- The European Investment Bank announced it was providing $83 million in funding to support a transmission link to a wind farm in the Irish Sea.
The EIB announced Blue Transmission Walney 1 Ltd. was granted a license to own and operate a transmission link from a 51-turbine wind farm in the Irish Sea for the next 20 years.
EIB support from the project follows a decision by Blue Transmission to purchase the link from its Scottish counterparts for $168.8 million.
The EIB said the funding was its highest to date that supports the offshore wind energy sector.
"Support for renewable energy across Europe, including grid links and wind farms, is essential for ensuring infrastructure investment that promotes climate action," Simon Brooks, EIB vice president for the United Kingdom, said in a statement.
The EIB added that it was expected to provide as much as $480.4 million for six more links to offshore wind farms.
British Deputy Prime Minister Nick Clegg said last week that London aims to increase the amount of wind and tidal power from 4 megawatts to 300 megawatts by 2020.