KfW lifts H1 2014 support for renewables to EUR 2.3bn

Aug 18, 2014 - Germany-based lender KfW Group said on Thursday it had extended EUR 2.3 billion (USD 3.1bn) in financing for renewable energy projects in the first half of 2014, about 4.5% more than a year earlier.

The state-owned bank explained that it had backed the construction of more onshore wind schemes but financed fewer photovoltaic (PV) schemes.

Overall, environment and climate protection financing in the first six months of the year declined to EUR 4.2 billion from EUR 5.1 billion as loans were not in line with the “exceptionally strong demand” in the year-ago period.

Overall, KfW Group boosted its total business volume to EUR 31.7 billion in January-June from EUR 31.5 billion a year ago. Commitments in international financing amounted to EUR 10 billion, marking an improvement of 39%. As announced in July, the German lender will provide EUR 80 million in funding for the steam field development at the 800-MW Bogoria-Silali phase I geothermal project in Kenya. Among the projects financed by the bank are a 100-MW concentrated solar power (CSP) project in South Africa and a 75-MW wind scheme in Quebec, Canada.

(EUR 1.0 = USD 1.340)

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