- EIB allocates EUR 1.6 billion for renewable energy and electricity networks.
- Funding targets wind and solar initiatives worldwide.
The European Investment Bank (EIB) approved EUR 1.6 billion (USD 1.72bn) for renewable energy and electricity networks. This is part of a larger EUR 3.2 billion energy transition package.
The funding will support wind energy in the Balkans and solar power in Latin America and Africa. It will also promote clean energy innovation in Europe.
A significant portion will go to a green hydrogen facility in Portugal to decarbonise industries. Projects include a 132-MW wind farm in Bosnia and solar initiatives in Brazil.
Spain will upgrade its electricity network. The EIB also approved support for wind and solar investments in South Africa. They will expand solar power usage in agriculture and water treatment in West Africa.