EIB approves €3.2bn of new financing for clean energy, transport, and investment

Gary Hornby

08-Feb-2024

  • Financing to be spread across Europe, Brazil, and Africa
  • European projects in France, Spain, Portugal, Romania boosted
  • €1bn approved for transport investment, €526m for investment

LONDON (ICIS)–The Board of Directors of the European Investment Bank (EIB) announced 6 February that a total of €3.2bn of new financing had been approved to support clean energy, transport, corporate research and development, and business investment.

The funding was spread globally, with financing slated for projects in Brazil and Africa as well as European projects.

Half of the funding package was approved for new energy investment to scale up renewable energy generation and strengthened electricity distribution networks to allow for additional renewable generation.

The EIB said that in Portugal the financing would go towards a large-scale renewable hydrogen production facility to supply energy-intensive industry in the country, and support the construction of a new 132MW wind farm in Posusje in Bosnia and Herzegovina.

Additionally, support was awarded for electricity network investment in Spain, renewable energy financing for solar energy projects across Brazil, and backing new renewable electricity aseets in South Africa.

Over €1bn of the new financing was heading into the transport sector, including passenger and freight railways in Romania and electrification in Hungary.

Additionally, a total of €526m was assigned to support corporate innovation and business investment, specifically to grow energy innovation across Europe and provide equity funding for companies involved in renewable energy across Africa.

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