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Add to Preferred SourcesThe world’s largest international financier for renewable energy, the European Investment Bank, will confirm its intention to back renewable energy investment across Europe in cooperation with Dublin-based NTR plc.
The EIB’s EUR 84 million backing for the NTR Renewable Energy Income Fund II is to be announced at an EIB investment conference at the Central Bank of Ireland attended by leading Irish ministers, EIB President Werner Hoyer and more than 200 business, finance, and government representatives.
“I welcome the EIB’s EUR 84 million support for Irish fund NTR’s ambitious goal of backing renewable energy projects across Ireland and elsewhere in Europe in the years ahead. This new commitment reflects the European Investment Bank’s strengthened engagement to support transformational investment in cooperation with Irish partners,” said Richard Bruton TD, Ireland’s Minister for Communications, Climate Action and the Environment.
“As world climate leaders meeting in Poland to discuss implementation of the Paris Agreement, the new EUR 84 million support for renewable energy projects across Europe by NTR demonstrates the EU Bank’s firm commitment to accelerating investment crucial for tackling climate change. Scaling up investment by harnessing the support of institutional investment is crucial for global ambitions to accelerate climate action,” said Andrew McDowell, Vice President of the European Investment Bank.
Broad scope reflecting renewable energy investment gap
The NTR Renewable Energy Income Fund II will support greenfield onshore wind and solar projects, as well as energy storage schemes associated with wind and solar projects.
Energy storage remains an emerging technology and enabling renewable energy to be more effectively reflect peak demand is essential to achieve climate targets.
Crucial long-term financing for renewables
The new fund will provide long-term equity financing of over 25 years to accelerate the development of small and medium-sized renewable energy projects. Expansion of these projects is currently hindered by a limited availability of long-term financing.
Unlocking new support for renewable energy under Investment Plan for Europe
Reflecting the long-term financing of greenfield projects, EIB support for the NTR Renewable Energy Income Fund II is guaranteed by the European Fund for Strategic Investments or Juncker Plan.
Original source: EIB
Published on 6 December 2018