The European Investment Bank and the Solar Impulse Foundation (SIF) have extended their partnership in providing funding to solar energy startups.
The extended cooperation includes the two parties providing advisory on non-solar Impulse Foundation labelled companies.
As part of the first deal signed by the EIB and Solar Impulse Foundation, the two only provided funding to solar energy companies registered with the Solar Impulse Foundation.
A large majority of SIF’s portfolio is not yet mature enough to benefit from direct EIB financing, which typically starts upwards of €7.5 million. The new deal will enable EIB to reconsider and develop ways on which they can provide or help the companies to acquire the much-needed funding.
The deal was signed in March 2019 by EIB’s Inno InnovFin Advisory and the Foundation.
The aim is to increase the number of solar energy startups and technologies in the industry to accelerate the fight against climate change.
Emma Navarro, EIB vice president in charge of climate action and environment, said: “Our partnership with the Solar Impulse Foundation has started off very strongly and we will be cooperating even closer in the future.
“With the EIB’s increased ambition to be Europe’s climate bank, we need to diversify the types of projects we are financing. Innovative small and medium-sized companies like the ones the Solar Impulse Foundation is looking at are important, as they bring in new ideas and new thinking. To us they are also challenging as we need to identify the best ways to finance them.”