December 13 (Renewables Now) - The European Investment Bank (EIB) on Thursday approved 48 different loans totalling EUR 8.1 billion (USD 9.06bn) of new financing to support various types of projects, including large and small-scale renewables.
Among the beneficiaries are a new large-scale offshore wind farm in the North Sea, small-scale renewable and energy efficiency projects in Italy, as well as the expansion of hydropower distribution for remote communities in western Nepal. Also, the bank will support new renewable energy projects, including both hydro and wind farms, across Brazil.
At the same time, EIB has agreed new financing for smart grid and water infrastructure in Linz, Austria, among other initiatives.
In addition to renewables and energy efficiency, the newly approved loans will also finance climate action, sustainable development, health and education investment across Europe and around the world.
(EUR 1.0 = USD 1.118)