EIB Backs EUR 1 Bn Clean Energy Investment in Europe and Central Asia

EIB has approved a new investment across Europe and around the world to improve clean energy, sustainable transport, etc.

EIB Clean Energy

The European Investment Bank (EIB) has announced that its board has approved a new investment across Europe and around the world to improve clean energy, sustainable transport, high-speed communications, and social housing, as well as health and education infrastructure.

Meeting in Luxembourg today the Board of the European Investment Bank (EIB) agreed to support EUR 4.9 billion of financing. Of this, EUR 1 billion of financing will go to clean energy investment across Europe and Central Asia. This includes support for 18 new photovoltaic projects in central Spain, renewable energy projects in Austria and Italy, as well as new transmission infrastructure in the Netherlands to distribute electricity generated by wind farms in the North Sea.

The EIB will also support a new investment programme intended to cut energy use by district heating systems in Uzbekistan.

Furthermore, it was also announced that five more projects have been approved by the EIB board, with a total financing amount of EUR 445 million that will be guaranteed by the European Fund for Strategic Investments (EFSI), the financial pillar of the Juncker plan. This will mobilise an estimated EUR 1.4 billion of new transport, energy, agriculture and small business investment.

An additional EUR 1.7 billion of new financing has been approved for private sector investment. This includes projects to reduce industrial energy use. New targeted credit lines will support climate action by companies in Bulgaria, Italy, Romania, and Spain, improve access to finance by energy, tourism and education companies in Serbia, help agriculture firms in Romania to expand and encourage circular economy investment in Spain.

In December 2019, the bank had announced that it has approved a EUR 8.1 billion of new financing for renewable energy projects, climate action, sustainable development, health, and education investment across Europe and around the world. This will include support for large and small-scale renewable energy projects, for the development of electric vehicles, and for improving the energy efficiency of homes.

Projects approved demonstrate the EIB’s commitment to accelerate the take up of clean energy, sustainable transport, energy efficiency, water, and agricultural investment that reduces emissions and protects vulnerable communities against extreme weather.

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Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.