The European Investment Bank (EIB) has announced plans to put €84 million into a European-wide renewable energy development. The investment across Europe is in cooperation with Dublin-based infrastructure developer NTR and Ireland is set to be one of the biggest beneficiaries of the fund.
The funding will provide long-term equity financing of over 25 years for the development of small and medium sized renewable energy projects which often struggle to receive such funding. It is expected the fund will support between 15 and 20 different renewable energy products representing approximately 700MW in power generation. The announcement has been welcomed by the renewable energy sector with hopes it will begin to accelerate the building of renewable energy infrastructure across the country.
EIB, which is the European Union’s non-profit long-term lending institution, has already provided €4.4 billion for investment in renewable energy projects worldwide and in May confirmed €79.5 million backing for the Oweninny windfarm in Co Mayo.
Ireland’s climate change policies have recently come under attack from the EU and environmental organisations with the country likely to miss its 2020 targets on emissions and face hefty fines from the European Commission.
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