European Investment Bank (EIB) supports French renewable energy projects

07.04.2014 By: Renewable Energy Magazine

The European Investment Bank (EIB) has announced support of 750 million euros for French renewable energy projects between 2014 and 2016.
European Investment Bank (EIB) supports French renewable energy projects.

The EIB financial package focuses on quality projects helping to mitigate the effects of climate change including wind energy, solar, hydro and geothermal. The beneficiaries can either be public or private entities and the funding will be delivered in collaboration with Société Générale Corporate & Investment Banking, Credit Agricole Group (Crédit Agricole Regional Banks and Crédit Agricole Leasing & Factoring) and BPCE Group (Banque Populaire, Caisse d'Epargne, Credit Cooperative, Natixis SA and Natixis Energeco).

The loans granted by the EIB will represent 50 percent of the required funding for each project for projects with a capital cost of less than 50 million euros. The partner banks will be responsible for project selection and editing and structuring financing.

“The energy transition is one of our priorities” said Philippe de Fontaine Vive, Vice- President of the EIB. “That is why we fund, with trusted partners, concrete projects with a direct impact on sustainable development and daily lives, uniting tools and competencies for a successful energy transition.”

By 2020 the EU will be investing heavily in financing the continent’s energy transition and this is why the EIB has sought to strengthen its activities in favour of climate change mitigation projects. France is among the first countries in Europe to receive funding support with a little over 1 billion of new funding in this area during 2013. This will continue throughout 2014 with the current economic climate and the demand for project financing.