EIB okays EUR 1.2bn in energy financing

The European Investment Bank (EIB) this week approved EUR 1.2 billion (USD 1.4bn) in energy financing, including for wind and solar power capacity in Spain.

The bank said on Wednesday some of the funds will go for the development of a dedicated terminal at the Port of Brest in France to support construction of offshore wind projects, and also for industrial energy efficiency in Uzbekistan.

The energy package is part of EUR 5 billion in new financing greenlit by the bank during its two-day meeting in Bucharest this week. These funds will be directed towards various projects in renewable energy, social housing, internet and mobile telecommunications, sustainable transport and industrial innovation. The latter category includes financing for Italian company Piaggio to cut fuel consumption by scooters, motorcycles and commercial vehicles and develop electric vehicles (EVs).

In a separate notice on its website today, the EIB said it is considering lending roughly EUR 400 million to Northvolt AB, which plans to build Europe's largest battery factory in Sweden. The company's project envisages the construction of a lithium-ion (Li-ion) battery cell manufacturing plant with a capacity of 16 GWh. The cells will be used in batteries for transport, stationary storage and industrial and consumer applications.

(EUR 1 = USD 1.17)

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