Renewables win share of €4.7bn EU bank funding

Renewables are among 25 projects across Europe that have won funding totalling €4.7 billion (£3.6bn). The European Investment Bank’s Board of Directors approved the long term loans, which are expected […]

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By Priyanka Shrestha

Renewables are among 25 projects across Europe that have won funding totalling €4.7 billion (£3.6bn).

The European Investment Bank’s Board of Directors approved the long term loans, which are expected to be signed in the coming months.

Projects include the reinforcement of transmission network in the north of Scotland to connect future wind and tidal plants, replacement of a coal-fired district heating plant in Germany and an industrial plant to recycle and re-melt scrap titanium metal.

More than half of the loans will improve access to finance by small business in Italy, Spain, Finland, Egypt and Lebanon.

EIB President Werner Hoyer said: “Europe faces enormous challenges. The EU Bank is stepping up and proving its critical value in addressing today’s imperatives and crises. EIB lending backed by the EU budget under the Investment Plan for Europe is now accelerating, enabling the EIB to support the projects that need it most, catalysing and accelerating private investment.”

All projects need to receive approval of the EIB Board prior to loan contracts being finalised.