The EIB said part of the proceeds from the €670 million ($759.5 million) will be used for upgrading the Finnish national electricity transmission grid, apart from clean energy programs in Europe, Asia and Africa. (Photo Credit: EIB)
- EIB has approved €4.8 billion ($5.44 billion) as new financing for private sector, transport, energy housing and water investment
- A part of it, €670 million ($759.5 million) has been allotted for renewable energy in Europe, Africa and Asia
- These proceeds will support increased use of solar energy by households and small companies in Africa and Asia and large-scale renewable energy and energy efficiency across Africa
- It will also back deployment of 500 rooftop solar systems for Palestinian schools to reduce energy costs
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The European Investment Bank (EIB) has approved €670 million ($759.5 million) to support renewable energy initiatives in Europe, Africa and Asia. This commitment is part of €4.8 billion ($5.44 billion) in new financing the bank has pledged for private sector, transport, energy, housing and water investment.
Among renewables, the new financing will support increased use of solar energy by households and small companies in Africa and Asia. Some of it will also be invested in large-scale renewable energy and energy efficiency across Africa.
The money will back construction of 500 rooftop solar systems on school buildings in Palestine to significantly reduce energy costs. The Palestine Investment Fund (PIF) expects 35 MW of PV capacity to come out of 500 solar systems for the schools. In April 2018, it issued an expression of interest for the project (see EOI Call For 35 MW Rooftop PV In Palestine).
Finland’s national electricity transmission grid will also benefit from EIB proceeds as it undertakes upgrading.
The bank keeps doling out funds for clean energy projects and initiatives from time to time. In December 2018, it provided a first green loan to Spain’s utility Endesa to develop 446 MW wind and 339 MW PV capacity (see EIB Loan For Endesa’s 18 RE Projects).
“The relevance of EIB activity across Europe and around the world is reflected in the diverse range of projects agreed today from improving local services and education facilities in Europe to enhancing access to clean energy across Africa,” said EIB President Werner Hoyer while announcing the €4.8 billion package.