EIB Backs EUR2 Bn Investment to Scale up use Renewable Energy

• EIB has actually authorized brand-new financing of EUR 3.4 billion to increase the shift towards renewable energy and also sustainable transport.

The European Investment Bank (EIB) has actually introduced that it has actually authorized brand-new financing of EUR 3.4 billion to accelerate the shift in the direction of renewable energy as well as lasting transport, corporate innovation, enhanced housing, education and learning and communications. Of which, EUR 2 billion has been dedicated to scaling up the use of renewable energy.

"The environment-friendly improvement of the international economy gathers speed. The eco-friendly power and also lasting transport projects authorized by the EIB, the EU's environment bank, demonstrate the vision, aspiration and partnership needed to reduce greenhouse gas discharges this years as well as past. I am delighted that the European Union agreed to be climate-neutral by 2050", stated Werner Hoyer, President of the European Investment Bank.

EIB has actually approved brand-new financing of EUR 3.4 billion to accelerate the shift towards renewable energy as well as sustainable transport.

The European Investment Bank (EIB) has actually announced that it has actually approved brand-new financing of EUR 3.4 billion to accelerate the shift towards renewable energy and also lasting transportation, corporate development, improved housing, education as well as communications. Of which, EUR 2 billion has been committed to scaling up making use of renewable energy.

"The green improvement of the worldwide economic climate gathers speed. The eco-friendly power and also lasting transport projects approved by the EIB, the EU's environment bank, demonstrate the vision, aspiration and collaboration required to lower greenhouse gas exhausts this decade as well as beyond. I am thrilled that the European Union accepted be climate-neutral by 2050", said Werner Hoyer, Head Of State of the European Investment Bank.

The financing organization has actually also consented to invest EUR 700 million to back the acquisition of a fleet of hydrogen-powered trains including the installment of hydrogen refuelling facilities in the Netherlands and also to upgrade regional rail solutions in Germany. The EU Bank also approved financing to increase use renewable energy at airport terminals across Spain.

In March, the bank had granted a EUR 350 million credit limit to a consortium comprised of EDF Renouvelables, Enbridge as well as wpd to co-finance the construction of a wind farm off the coastline of Courseulles-sur-Mer in France. This funding will certainly be guaranteed by the European Fund for Strategic Investments, the main column of the Investment Plan for Europe.

Completing an estimated EUR 2 billion, the project involves the construction of 64 wind turbines situated over 10 km off the French coastline. With an ability of 450 MW, it will certainly generate the matching of the yearly power use 630,000 individuals, i.e. over 90 percent of the population of Calvados. It is expected to enter solution in 2024.