PVTIME – The European Investment Bank (EIB) has approved a €2 billion financing package to promote the growth of clean energy and upgrade grid infrastructure across the EU. The fund will support photovoltaic projects in Italy, offshore wind energy in Germany, and the adoption of renewable energy in Austria’s C&I sector.
As part of the European Commission’s clean energy strategy, the EIB will provide over €75 billion in funding over three years to reduce dependence on fossil fuels and strengthen energy resilience. In response to regional power supply challenges, the €2 billion loan will enhance Latvia’s heating system efficiency and upgrade the Netherlands’ grid to accommodate renewable energy and EV charging more effectively.
In partnership with the European Commission, the EIB has launched the TARGET advisory programme, which offers free expert support to EU regions that rely on coal, peat and oil shale. The first four projects have been confirmed in the Czech Republic, Poland, Sweden and Romania, and will focus on developing solar projects and manufacturing batteries in former mining areas.
EIB Group President Nadia Calviño noted that recent geopolitical conflicts highlight the need for Europe to end its reliance on fossil fuels. EIB advisory teams will address transition challenges, including upskilling over 7,000 miners in Romania’s Gorj region and scaling up renewable energy in the Ústí region of the Czech Republic.
The EIB has also provided €350,000 in technical assistance to Ukraine’s Centrenergo via its EU Support for Ukraine Advisory Programme. This funding will support decarbonisation plans, rebuild damaged power facilities, and facilitate the shift to low-emission technology, thereby attracting investment and strengthening energy resilience.
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