EIB to back renewables in Belgium, Spain, Portugal

The European Investment Bank (EIB) has approved more than EUR 3.4 billion (USD 3.96bn) in financing for clean energy projects globally, among which is an offshore wind farm in Belgium.

The funds will be allocated to support investment in the renewable energy and energy efficiency, construction of near-zero energy buildings, hydropower plants (HPPs) and district heating systems. Apart from the Belgian offshore wind project, the name of which was not disclosed, EIB will also back solar projects in Spain and three HPP projects in Portugal, the lender said on Wednesday.

Part of the financing will be distributed for projects aiming to help Jamaica cut its power losses and for initiatives promoting domestic renewable energy in the Netherlands.

The financing is part of a EUR-12.6-billion funding package that the EIB has approved for 83 projects in Europe, Asia, Latin America and Africa. The schemes are focused on energy, transport, communications and urban development.

(EUR 1.0 = USD 1.164)

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