DONG Energy has announced that it has signed a second £250 million loan facility with the European Investment Bank (EIB) to help pay for the construction of the 1GW London Array offshore wind farm, reports New Energy Focus.

This takes the total EIB financing for the project to £500 million, after the Bank provided DONG Energy with a £250 million loan last month.

The first phase of the London Array wind farm will have a capacity of 630MW and is expected to begin operation in 2012, providing renewable energy for the London Olympics. Once completed, it will be the world's largest offshore wind farm.

Read more on this story at New Energy Focus