EIB approves EUR 1.6bn in clean energy financing globally

The board of directors of the European Investment Bank (EIB) has greenlighted EUR 1.6 billion (USD 1.72bn) of new financing to support renewable energy generation and strengthen electricity distribution networks to allow the adoption of more clean energy.

The funds are part of a broader EUR-3.2-billion energy transition package that will support projects within clean energy, including over EUR 1 billion for transport investment and EUR 526 million to support corporate innovation and business investment.

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The renewables-focused portion will promote wind energy in the Balkans; help businesses, schools and hospitals in Latin America and Africa adopt solar power; and to support clean energy innovation across Europe, EIB’s president Nadia Calvino explained in the statement.

Funds will be allocated to a large-scale green hydrogen production facility aimed at supporting the decarbonisation of the energy intensive industry in Portugal. The project is described as one of the EIB’s largest ever financial engagements in the sector.

Among the approved projects are a new 132-MW wind farm to be built in Posusje in Bosnia and Herzegovina as well as solar power generating capacities across Brazil aimed at increasing renewable energy use and reducing energy prices.

Spain, in turn, will use financing for electricity network investment to enable greater use of wind and solar power. Capital will also be allocated to energy network digitalisation and strengthening the distribution network through infrastructure upgrades.

In addition, the EIB’s board has agreed backing for new wind and photovoltaic investments across South Africa and financing to enable the increased use of solar power for agriculture, irrigation and water treatment, as well as to power schools, health centres and hospitals, across West Africa, both with African financial partners, the statement said further.

(EUR 1 = USD 1.075)