EIB’s Major Boost for Clean Energy and Sustainable Transport with €3.2 Billion Funding
Listen to this story:
- EIB Board of Directors backs new projects in France, Spain, Portugal and Romania
- Financing for renewable hydrogen in Portugal, solar power in Brazil and Africa
- Backing for metro expansion, electric buses, railway and airport investment
The Board of Directors of the European Investment Bank (EIB) today approved €3.2 billion of new financing to support clean energy, transport, corporate research and development, and business investment.
“The first EIB Board meeting of 2024 has approved investments worth €3.2 billion to accelerate the green transition globally. This includes €1.6 billion to scale up wind renewable energy in the Balkans; to enable business, schools and hospitals in Latin America and Africa to use solar power; and to back clean energy innovation across Europe.” said Nadia Calviño, President of the European Investment Bank.
Scaling up clean energy
The Board approved €1.6 billion for new energy investment to scale up renewable energy generation and strengthening electricity distribution networks to enable increased use of renewable energy.
New energy projects approved include financing for a large-scale renewable hydrogen production facility to support decarbonisation of energy intensive industry in Portugal, one of the EIB’s largest ever financial engagements in the sector, and support for construction of a new 132 MW wind farm in Posusje in Bosnia and Herzegovina.
The EIB also agreed to finance electricity network investment across Spain to enable greater use of wind and solar power, as well as accelerating digitalisation of the energy network and upgrading infrastructure to strengthen resilience of the distribution network.
The Board also approved renewable energy financing for solar energy projects across Brazil to increase renewable energy use and help to reduce energy prices.
In addition, the Board of Directors agreed backing for new wind and photovoltaic investment across South Africa and financing to enable 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.
Transforming sustainable transport
The Board approved over €1 billion of new financing for transport investment.
This includes backing upgrading of 328 km of passenger and freight railways in Romania, supporting electrification and rehabilitation of the route between Cluj and the Hungarian border, and rehabilitation of the line between Arad and Caransebes to improve safety.
The board also approved financing to expand the tram network in Marseille, including construction of 12 new stations, and acquisition of 155 new electric buses.
Financing to support safety and fire protection, baggage handling and passenger facilities at Palma de Mallorca airport was also agreed.
Corporate innovation and business investment
The EIB approved €526 million of new financing to support corporate innovation and business investment.
Venture capital financing agreed today will back investment by early and growth-stage energy innovation and technology companies across Europe and provide equity financing for high-growth telecom, IT, manufacturing, energy efficiency and renewable energy companies across Africa.