The European Investment Band (EIB) has loaned €250m for the creation two wind turbine projects costing €1.3bn off of Belgium’s coast.
The EIB states that the "Mermaid" and "Seastar" wind farms will have a combined capacity of 487MW when completed and will be built by SeaMade.
The two projects will be located 40-50km off the coast of Ostend.
Belgian marine group DEME has won a €500m contract for work on the foundations, turbines and offshore substations.
Andrew McDowell, EIB vice-president, said: "This is a great example of the work of the EIB benefitting Europeans.
"This project has been made possible through the use of the European Fund for Strategic Investments, an example of the EIB and the Commission working together to finance clean, renewable energy for the People of Belgium."
Offshore construction on both projects is due to start in the summer of 2019, with the wind farms due to be operational before the end of 2020.
Image courtesy of DEME