EIB earmarks €4.3bn for investment in clean energy

The European Investment Bank (EIB) will invest €4.3bn into renewable energy, following the bank's new finance package approved last month.

The EIB has earmarked a total of €12.4 billion ($14.7 billion) for 53 projects in transport, including a new metro line in Paris, infrastructure and energy. Projects focusing on renewable energy development will be concentrated primarily in Western Europe in India.

The EIB said in a statement, “These [projects] include onshore wind, hydropower and smart meter projects in Italy, energy efficiency, solar, wind and district heating projects in France, reinforcement and extension of natural gas distribution in Ireland and Spain, and financing of renewable energy in India.”

The bank sees natural gas as a key energy contributor and a bridge to lower-carbon energy supplies.

Werner Hoyer, president of the European Investment Bank was reported saying, “The EU Bank is supporting new investment in sustainable transport, renewable energy and helping small companies harness business opportunities.”

He added: “The impressive range of new projects approved by the European Investment bank today will improve business opportunities, ensure better access to clean water, green energy, internet and mobile banking, health and education, and upgrade transport for millions of people across Europe and around the world.”

EIB – Italy smart meter rollout

In related news, the European Investment Bank (EIB) recently approved a €1bn loan supporting E-Distribuzione’s plan to replace digital meters in Italy.

According to a release, the terms of an initial instalment of €500 million were agreed on Friday.The signing of the agreement was attended by EIB vice president Dario Scannapieco, Enel CEO Francesco Starace and Gianluigi Fioriti, head of E-Distribuzione. Enel S.p.A. has guaranteed the loan.

The release states that “the loan recipient is E-Distribuzione, the Enel Group company holding the concession for electricity distribution services and responsible for installing the new ‘Open Meters.'”

The EIB will finance part of the investment envisaged for 2017-2021 in the smart meter installation plan.

The smart meter plan includes the installation of approximately 41 million new generation smart meters (2.0) over a 15 year period. Read more…