Elia Transmission Belgium has secured a €1 billion ($1.2 billion) green credit facility from the European Investment Bank (EIB) for the second phase of the Princess Elisabeth Energy Island, an artificial offshore electricity hub about 45 kilometers from Belgium’s coast. The financing is the EIB’s largest energy-infrastructure loan in the Benelux region and brings total EIB support for the project to €1.65 billion. Elia made its first drawdown around the end of July. The facility will fund high-voltage substations, transformers and alternating-current connections, including six three-phase 220-kilovolt cables linking the island to an onshore Belgian substation. Belgium aims to add between 3.15 GW and 3.5 GW of offshore wind capacity in the Princess Elisabeth Zone, compared with roughly 2.26 GW currently operating. The first wind-farm connections are planned from 2031, although the program faces delays after the government cancelled the initial tender for the 700-MW Princess Elisabeth I wind farm in July 2025 and began revising the auction framework and state-aid arrangements. The island’s infrastructure could also support a future electricity interconnector with the United Kingdom, helping integrate North Sea power markets and reduce reliance on imported fossil fuels. Elia said the facility’s favorable terms should help contain project costs and limit pressure on consumer electricity bills.