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Investment Plan for Europe backs renewable energy and strategic infrastructure projects

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The European Investment Bank (EIB) has approved a total of €8 billion of financing which includes four investment projects in energy efficiency, renewable energy and strategic energy infrastructure.

 

These projects may benefit from an EU guarantee from the European Fund for Strategic Investments (EFSI) – part of the Investment Plan for Europe – once it is formally established. This will, however, still be subject to certain criteria which are currently under negotiation.

 

The projects approved on 19 May 2015 include:

 

  • Energy efficiency investments to reduce heating bills in private homes in France. The project will enable renovation work to cut energy bills in more than 40,000 homes.
  • New renewable energy and transmission links in Northern and Western Europe. The finance will support investment in a range of energy schemes, including construction of new offshore wind farms, biomass facilities, and energy transmission links.
  • A project to reduce industrial energy use in Finland. The financing will support a new large scale pulp mill which will allow the plant to be self-sufficient using renewable energy.
  • Improvements to gas transmission in Spain. The investment in the gas distribution network will give consumers in some areas the choice of using natural gas.

 

 

For further information, please visit the relevant European Commission website: http://ec.europa.eu/energy/en/news/investment-plan-europe-backs-renewable-energy-and-strategic-infrastructure-projects