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European Investment Bank additional capital for clean energy loans

45 MW Olkaria I geothermal power plant, Kenya (source: bgr.bund.de)
Alexander Richter Alexander Richter 9 Jan 2013

The European Investment Bank (EIB) receives a $12.7 billion capital increase by its shareholders, the 27 EU member states, with a key investment focus among others on clean energy loans.

The European Investment Bank (EIB) has announced a capital increase of $12.7 billion by its shareholders, the 27 member states of the European Union.

This comes in addition to the regular annual lending of the bank of $63 billion. “The capital increase will allow Europe’s long-term lending institution to provide up to EUR 60 billion, over a 3 year period, in additional lending for economically viable projects across the European Union.

The additional lending will target four priority sectors and be dedicated to supporting innovation and skills, SMEs, clean energy and modern infrastructure.”

The EIB has in the past financed and supported a number of geothermal projects, among them a scheme supporting the development of geothermal energy projects in the Caribbean, the Olkaria I & IV development in Kenya, geothermal development in Iceland and Hungary.

One can hope that this capital will also finds its way to some of the geothermal projects world-wide.

Source: EIB, EIB geothermal projects