The European Investment Bank is turning into one of the largest financiers for sustainable energy. In 2013, alone, the EIB invested €19bn on climate change projects. The New Energy World Network reports on the latest loans for renewable energy projects in France.
EIB to make €750m in loans for French renewable energy
The European Investment Bank (EIB) has announced a financial commitment of €750m to be invested in renewable energy projects in France between 2014 and 2016.
The new scheme is called France Renewable Energy and the EIB has signalled that beneficiaries can from both the public and private sector will be able to apply. It also said projects across the renewable energy spectrum will be considered for financing, including wind energy, solar, hydro and geothermal.
The funding will be implemented in collaboration with Société Générale Corporate & Investment Banking, Credit Agricole Group and BPCE Group.
For projects below the €50m mark the loans granted by the EIB will make up 50 per cent of the required funding. The EIB’s Partner banks will be responsible for project selection.
Philippe de Fontaine Vive, vice-president of the EIB said, ‘Transition to cleaner energy is one of our priorities. That is why we work with trusted partners and concrete projects that have a direct impact on sustainable development and daily lives.’
The EIB invested €19bn on climate change projects in 2013, 26 per cent of all its loans. €1bn was invested in France last year.
Energy in Demand - Sustainable Energy - Rod Janssen 