October 27 (Renewables Now) – The European Investment Bank Group (EIB Group) said it will provide an additional EUR 30 billion (USD 30.1bn) in loans and equity financing over the next five years to support the REPowerEU Plan.
The funding was approved by the EIB’s board of directors on Wednesday. It will be channeled to renewables, energy efficiency, grids and storage, electric-vehicle (EV) charging and new technologies, such as low-carbon hydrogen. The bank expects that this financing package will drive up to EUR 115 billion of new investment by 2027.
“I welcome the EIB’s financial reinforcement of our REPowerEU Plan, on top of the EUR 300 billion funds already available,” said European Commission president Ursula von der Leyen. “With today’s EIB package, we can go even faster in cleaning Europe’s energy system and ending our dependence on Russian fossil fuels,” she added.
The EIB’s board also took technical and policy measures to beef up the impact of the new financing such as upfront disbursements, longer tenors and a co-financing cap of up to 75% for projects aligned with the REPowerEU objectives.
(EUR 1 = USD 1.004)
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