The European Commission is extending the European Fund for Strategic Investments (EFSI) for three more years to 2020 to mobilise €500bn for new energy investments including renewables.
EFSI2, as it will be known, will also target energy infrastructure and energy efficiency.
EFSI2 will also focus on projects in Eastern and Southern EU countries.
EFSI was set up in 2015 to kick-start investments in the EU by mobilising private finance and is on track to attract at least €315bn in additional investment by mid-2018.
The fund has supported energy infrastructure projects and those focussing on energy efficiency, renewable energy and smart meters.
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