EIB

The UK cities of Bristol and Plymouth and the county of Devon will get £1.9 million to develop energy efficiency, sustainability, and clean energy projects. Bristol in 2014 received a £50 million grant to accelerate its plans to be carbon neutral by 2050. Devon has ambitious plans of becoming 80% carbon neutral by the same date.

The International Solar Alliance (ISA) received a significant boost at the New York One Planet Summit, with European Investment Bank (EIB) President, Werner Hoyer announcing a commitment to back the ISA in its expansion of India’s solar industry and the exchange of technology.

The subsidy free mega project is entering the next stage of its development. Funding is expected to be finalized in 4Q 2018 and commissioning in 2020. The project, funded by the European Fund for Strategic Investments (EFSI) will retail its electricity on the spot market, but will be secured through a financial hedge.

The project connecting Germany and Norway was first conceived in 2015. The 624 km undersea cable will have a capacity of 1.4 GW, when operational in 2020. The EU is supporting the project and other grid infrastructure projects through its EFSI scheme to interconnect the European energy markets, for better renewable energy integration and improved security of supply.

The Ngonye project proposed by Italian energy giant Enel Group and Zambia’s Industrial Development Corporation, will be financially underpinned by senior loans of up to $10 million from the International Finance Corporation, up to $12 million from IFC-Canada Climate Change Program and up to $11.75 million from the European Investment Bank.

After securing a financial hedge for its Talasol solar plant in January, Israeli solar company Ellomay has now entered agreement with Deutsche Bank for the structuring of non-recourse senior debt financing for the project.

The German group has joined the project as a technology partner, and brings €10 million. Siemens will conduct digitalization of the value chain for Northvolt production and will be supplied with the factory’s products

Looking to support rural and suburban populations and micro-entrepreneurs with no reliable electricity source, U.S. off-grid solution provider, d.light has secured further funding for the deployment of its solar kits across Africa.

Three of the world’s leading development finance institutions (DFIs) commit US$424.5 million of investment in green bonds, specifically for developing markets.

The European Investment Bank (EIB) made its solar investments in 13 European Union countries, as well as in India, Mexico and Peru in 2017. The bank’s total investment volume for solar projects since 2002 amounts to around €6.3 billion.