The European Investment Bank will fulfill all contracts signed for UK project before the Brexit vote, which will end the country’s membership of the EU.
The EU bank has loaned more than €7.5bn to UK renewables projects over the last 10 years – largely offshore wind and grid – and said the status quo would apply until official withdrawal.
“We expect the UK shareholding in the EIB and EIB lending in the UK to be one of many issues to be discussed in withdrawal negotiations,” said the bank. “Any contracts signed by the EIB will be respected.”
It added: “We expect the UK to remain a shareholder in the EIB with a 16% shareholding until a withdrawal agreement in implemented.”
The bank most recently committed £525m to help finance SSE’s 588MW Beatrice offshore wind farm in the far north of Scotland.
Image: EIB
EIB contracts ‘secure’ post-Brexit
Bank provided €7.5bn in UK renewables lending over last 10 years
By EBS