The European Commission has agreed on a package of measures designed to ensure that the European Fund for Strategic Investments (EFSI) is up and running in early autumn to mobilise €315 billion worth of investments over the coming years. This will be crucial for the Energy Union and its goals to deliver secure, sustainable, competitive and affordable energy to citizens and businesses.
EFSI will help energy projects access long term financing. Investments in energy efficiency, renewable energy and strategic infrastructure projects will be a key priority. More than €100 billion will be invested every year to achieve the 2030 energy efficiency target: €89 billion in energy efficiency measures in buildings and some €19 billion to improve energy efficiency in industry. Current investments are below half of that.
The EFSI has already supported investments in many projects related to energy efficiency and renewable energy across Europe:
- In France, EFSI financed a project to promote energy efficiency in the French housing. By improving the insulation of the buildings involved as well as renovating their heat generation, ventilation and distribution systems, the project will cut energy bills in more than 40,000 homes.
- In Denmark, EFSI backed the creation of a Renewable Energy Fund.
- In Spain, EFSI gave a long-term loan to a gas grid project and lent money for R&D activities of a renewables-oriented technology company.
- In Finland, it financed improvements in industrial processes of a Finnish pulp mill.
Furthermore, under EFSI, project promoters will receive the technical assistance they need to successfully prepare and financially structure their investments.
For further information, please visit the relevant European Commission website: http://ec.europa.eu/energy/en/news/mobilising-investment-europe%E2%80%99s-energy-union
You can also visit the relevant BUILD UP link.