EIB to backs renewables under EUR-2.6bn financing plan

The European Investment Bank (EIB) announced on Tuesday it has approved EUR 2.6 billion (USD 3.06bn) of financing for energy projects, including renewables.

Some of the proposed projects are expected to enhance the reliability and security of regional power networks in Wallonia and Greece, while others envisage replacing energy substations in Ukraine. Equity investment in sustainable energy projects in Africa, Asia and Latin America will also be supported as part of the initiative.

Among the projects that will receive EIB funds will be plans for building new wind farms in France, Spain, Sweden, the Netherlands and Ireland.

In addition, EUR 3.7 billion will be allocated or climate related investment, among which will be lowering industrial energy use in Italy and Germany and enhancing the use of small-scale hydropower plants (HPPs) in Greece.

The funding is part of an EUR-9.2-billion financing package for energy and infrastructure and climate action projects in 16 countries within the European Union (EU) and nations in Africa, Asia and Latin America. In the next five years, the EIB plans to back climate action projects with nearly EUR 100 billion, the lender said.

(EUR 1.0 = USD 1.179)

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