European Investment Bank Approves €1.3 Billion In Climate Investments
As part of a larger €7.3 billion investment package, the European Investment Bank has approved more than €1.3 billion in new loans for resource efficiency and climate related investment.
The European Investment Bank (EIB) announced mid-September that it had approved €7.3 billion in new loans for investment in strategic infrastructure, the environmental and knowledge economy, as well as private sector schemes across Europe. As part of this larger package of loans, the EIB board of directors approved more than €1.3 billion of new EIB loans for resource efficiency and climate related investment throughout Europe.
The €1.3 billion is expected to go toward supporting new wind farms being developed in Belgium and Greece, small hydropower plants being developed in Italy, and the construction of new zero-energy buildings across Finland.
The first of the projects to benefit from the new EIB loans is the construction and operation of a new offshore wind farm being developed off the coast of Belgium, which is expected to have a capacity up to 370 MW, and which will receive a loan of up to €450 million. The second wind farm will be a smaller 50 MW onshore wind park being developed in the wider Tanagra municipality in Viotia, Greece. Investment in Italy will take the form of a €100 million loan into the modernization, upgrade, and development of the country’s electricity gas distribution networks, as well as the development of small hydropower facilities in Trento.
Finally, Finland will receive EIB loans for the financing of new near-zero buildings and renovation investments to improve the energy efficiency of existing buildings in the Helsinki metropolitan area.
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