EIB, EC to finance renewable energy demonstration projects

The European Investment Bank (EIB) and the European Commission have launched the Energy Demo Projects (EDP) facility to provide risk financing and boost the competitiveness of innovative energy technology companies in Europe.

The new facility will support cutting-edge energy technology projects that may otherwise not be bankable during their pre-commercial stage, covering the higher risk faced during the construction and initial operating stages.

Under the InnovFin Energy Demo Project, EIB and EC will provide loans to first-of-a-kind commercial-scale industrial demonstration projects in the fields of renewable energy and hydrogen and fuel cells, helping to bridge the gap from demonstration to commercialisation and contributing to the broader objectives of the Energy Union and the Strategic Energy Technology (SET) Plan, EIB’s press release reads.

EIB Vice-President Ambroise Fayolle said: “Giving these very important sectors easier access to finance and advisory services, especially with higher-risk projects, is crucial to bridge the investment gap in Europe and stay at the forefront of global competitiveness.”

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Image: EIB