EIB has approved €2 billion to fund solar in Italy, offshore wind in Germany, and renewable use in Austria’s C&I segment
The investment will also improve heating efficiency in Latvia and upgrade grids in the Netherlands to support renewables and EV charging
The bank will also support coal regions in the EU transition to clean energy under a new advisory program
The European Investment Bank (EIB) has approved €2 billion in financing to promote clean energy across the European Union (EU), including investments to improve grid infrastructure, as the region faces its 5th year of electricity supply crunch.
EIB Group President Nadia Calviño explained, “There is one clear lesson from Russia's invasion of Ukraine and the conflict in the Middle East: Europe needs to break free from its fossil fuel dependence.”
Loans worth €2 billion will support the production of solar energy in Italy, offshore wind in Germany, and accelerate the use of renewable energy by the commercial and industrial (C&I) segment in Austria.
The bank added that funds will also go into making heating systems in Latvia more energy-efficient, and upgrading electricity grids in the Netherlands to increase their capacity to absorb renewables and support electric vehicle (EV) charging.
EIB intends to deliver over €75 billion of financing over the next 3 years as part of the European Commission’s Clean Energy Investment Strategy. The €2 billion financing supports this aim (see EIB Backs Solar & Storage Projects In Italy & Ireland). It also aligns with the AccelerateEU plan published by the commission recently (see AccelerateEU Backs 200 GW Storage Ambition by 2030).
Coal to Clean Energy Transition
Additionally, the bank, along with the European Commission, recently launched an EIB Advisory program for countries looking at transitioning away from fossil fuels. Under the Technical Assistance for a Green Energy Transition (TARGET) program, free expert support will be available to help coal, peat, and oil shale regions in the EU identify and prepare clean energy and energy-efficiency projects.
“The free EIB Advisory programme provides expert support to eligible regions to improve project quality, strengthen local capacity, and guide beneficiaries toward investment-ready project pipelines and possible funding sources,” explained the bank.
Under the program, it has announced 4 new assignments in the Czech Republic (Ústí), Poland (Turow), Sweden (Norrbotten), and Romania (Gorj). The EIB Advisory team will analyze development opportunities, barriers, and potential for these regions undergoing the coal-to-green transition.
For instance, it will evaluate Ústí’s potential to scale up renewable energy, including solar PV, as well as opportunities for clean technology manufacturing. In Gorj, on the other hand, the focus will be on leveraging the skills of more than 7,000 mining workers following the closure of coal mines. It will help the region explore potential development of solar projects on former mining lands, battery assembly and maintenance, among others.
Recently, the bank provided €350,000 in technical assistance under its EU for Ukraine Advisory Programme to Ukraine’s state-owned Centrenergo to create a decarbonization plan. It follows all of Centrenergo’s power plants, either destroyed or disabled in the 2022 Russian invasion of Ukraine.
Experts from the EIB will assess damaged assets and outline a phased shift toward low- and near-zero emissions, aiming to rebuild power generation using cleaner technologies and attract investment.
The bank said this support aligns with Ukraine’s national energy and climate goals and focuses on restoring a more resilient, modern energy system.
