The European Investment Bank Group (EIB Group) will support the REPowerEU Plan with an additional €30bn in loans and equity financing over the next five years.
The additional funds from the EIB Group (European Investment Bank, European Investment Fund) will be directed to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen.
The package of new, targeted financing approved by the EIB’s Board of Directors is expected to mobilise up to €115 billion of new investment by 2027, thus making a substantial contribution to the REPowerEU objective of ending dependency on Russian fossil fuels.
While the additional EIB Group financing will focus on improving Europe’s energy security over the medium term and avert future supply shocks, EIB support for some efficiency projects could result in lower demand for gas already in 2023.
“This horrible war and Russia’s blackmail over gas supplies affirmed that our dependency on fossil fuels is a critical security vulnerability,” Werner Hoyer, President of the EIB Group said.
“It’s about time we finally ended this dependency. The EIB is determined to mobilise the full scale of its financial resources in support of the joint effort, and work with the private sector to maximize the impact of our investment.”
European Commission President Ursula von der Leyen added: “I welcome the EIB’s financial reinforcement of our REPowerEU Plan, on top of the €300 billion funds already available.
“With today’s EIB package, we can go even faster in cleaning Europe’s energy system and ending our dependence on Russian fossil fuels. The EIB Group’s contribution will help us ensure our energy security and reach our 2030 climate goals.”