EIB committed €1 billion to solar last year

The European Union’s European Investment Bank (EIB) financed solar PV projects, across the globe, to the tune of €1.05 billion in 2017.

Last year’s commitment to solar, the EIB said in a press release, represents its largest ever annual support granted to the energy source since its started financing such projects in 2012. Since then, the bank has channeled around €6.3 billion into solar, globally, with roughly half of its commitments going to emerging economies.

As for last year’s investments, the EIB said 13 EU countries benefitted, in addition to India, Mexico and Peru. The Indian market in particular, which has received EIB investments of around €640 million since 2013, represents a key market for the bank, due to the country’s ambitious plan to deploy 100 GW of PV capacity by 2022, and which is steadily being implemented.

“The European Union and India are committed to implementing the Paris Climate agreement and working together to achieve Sustainable Development Goals, including ensuring access to affordable, reliable, sustainable and modern energy for all,” said the Ambassador of the EU in India, Tomasz Kozlowski.

“As the European Union’s bank, the EIB has a strong track record of supporting transformational investment in India and working with Indian partners to enhance solar investment across this country to benefit millions of Indian households,” he went on to say.

The EIB has said it will earmark another €500 million for new renewable energy investment across India, in partnership with the Indian Renewable Energy Development Agency (IREDA), at the next International Solar Alliance summit, which will take place this weekend in New Dehli.

Among the deals that pv magazine was able to track down last year, were a fund devoted to investments in the green economy in France and Europe, a €200 million loan for solar projects in India, and another US$400m funding boost for Indian renewables.