EIB provided record billion Euros of new solar last year

The EU’s bank provided more than a billion dollars worth of funding for solar energy projects around the world in 2017

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By Jonny Bairstow

The European Investment Bank (EIB) provided €1.05 billion (£930m) of new solar energy financing around the world last year.

It also committed to increasing support for climate investments in developing economies to represent 35% of its overall financing activity.

In both 2017 and overall over the last five years, India was the leading recipient of EIB financing for solar investment outside the EU.

The EU bank received €640 million (£569m) of new investment in solar projects, which helped provide clean energy to an estimated 4.2 million households and save more than four million tons of carbon emissions.

It also backed new projects in India, Mexico and Peru, as well as in 13 countries across the EU.

Upendra Tripathy, Interim Director General of the International Solar Alliance, said: “More than a trillion dollars of new solar investment will be required by 2030 to deploy affordable solar energy.

“The EIB has a unique technical and financing experience of supporting solar projects around the world, enabling new research to further reduce deployment costs and mobilising renewable energy investment.”