In order to support new wind and solar projects in Europe, the European Investment Bank (EIB) announced that it will provide loans in the amount of 688 million euros. The statement from the bank said it has approved financing for the construction of 11 wind farms totalling 380 MW in Poland. The EIB funds will also back three solar projects with a combined capacity of 230 MW in Greece, and 253 MW of solar across seven projects in Spain. Two other schemes will scale up investment in onshore wind and solar power projects across Europe and provide streamlined financing for small scale energy efficiency schemes.
This batch of support for renewable energy is part of the bank’s newly approved 3.7 billion euros in financing dedicated to strengthening economic resilience in the wake of the coronavirus pandemic, transport, hospitals and schools, and sustainable urban investment.