The European Investment Bank (EIB) Group has approved $19 billion (€17.4 billion) in fresh financing to strengthen Europe’s energy autonomy, competitiveness, and strategic partnerships with Ukraine and countries beyond.
The Boards of Directors of the EIB and the European Investment Fund (EIF) approved the new financing package this week in Luxembourg.
The Group committed $4.2 billion (€3.7 billion) for projects that will make Europe less dependent on fossil fuels and accelerate its energy transition. The financing will support nuclear power in Romania, new electricity networks in Belgium and Spain, wind farms in Germany, and solar generation in France.
The projects include an $915 million (€800 million) EIB loan for the refurbishment and life extension of one of two reactors at Romania’s Cernavodă nuclear power plant, which generates around 20 percent of the country’s electricity. The financing, which covers Unit 1, is for key component replacements and system upgrades, enabling a new cycle of reliable and safe operation.
Nadia Calviño, President of EIB Group, said that, “The EIB Group is financing important projects for Europe’s security and autonomy, bringing affordable energy to households and businesses. We are on track for another blockbuster year, with record investment in grids and interconnectors as well as flagship projects in key technologies for the clean transition.”
The EIB Group’s support for energy projects advances the electrification of the European economy, making it more resilient, inclusive, and sustainable.
Beyond energy, the EIB Board backed financing for new trains in Austria, hospital upgrades in the Czech Republic, additional cultural and sports facilities in Sweden, and improvements to kindergartens and schools in Lithuania. It also endorsed projects bolstering company competitiveness in Denmark, Italy, the Netherlands, and Spain, as per the statement.
