Published on March 31st, 2017 | by Joshua S Hill0
European Investment Bank & BPER Provide €50 Million For Italian Energy Efficiency Projects
March 31st, 2017 by Joshua S Hill
The European Investment Bank and the BPER Banca Group have committed to provide €50 million for energy efficiency projects in Italy, the first such operation in the country based on European Commission guarantees and assistance.
Announced on Thursday, the European Investment Bank (EIB) along with Italian banking group BPER Banca Group (BPER) committed €50 million for energy efficiency projects in Italy, for implementation by businesses of all sizes via an agreement between the European Union and the Emilian banking group. This is the first such project for Italy based on European Commission guarantees and assistance under the Private Finance For Energy Efficiency (PF4EE) EU instrument and the LIFE Programme — itself a joint initiative between the EIB and the European Commission.
All in all, this round of energy efficiency funding is very much a European Union affair, supported by numerous bodies and instruments created to help Member States. On a larger scale, the instruments set up by the EIB and European Commission are seeking to generate at least €1 billion in additional energy efficiency investments across Europe.
The PF4EE instrument is made up of three separate elements: First of all, favorable financing is provided from the EIB to BPER, providing the latter the opportunity to manage the selection and distribution of the loans to businesses seeking funding for energy efficiency programs. Secondly, the European Commission partly guarantees the risk borne by BPER. Finally, the European Commission provides technical assistance to BPER in order to strengthen its lending activities.
“Improving energy efficiency and tackling climate change are among the pillars of the EU bank’s financing across all Member States,” said EIB Vice-President Dario Scannapieco. “This is why I am delighted with this operation which, thanks to Commission guarantees and the dedication of our partner BPER, will make it possible to further expand the range of financial and advisory instruments offered to final beneficiaries.”
“I welcome the agreement to make EUR 50m available to Italian small businesses,” added European Commissioner for Climate Action and Energy Miguel Arias Cañete. “And unlocking investment in renewable energy and energy efficiency will create local jobs, protect the environment and strengthen economic growth. This is a great opportunity for Italian small businesses, and I really hope they will seize it.”