EU to invest in renewable energy projects in France and Germany

EPA/CAROLINE BLUMBERG

Wind turbines in Montplaisir, south western France.

EIB and SaarLB ink €70 million guarantee agreement


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The European Investment Bank (EIB) and Franco-German regional bank SaarLB have signed a €70 million guarantee agreement, the European Commission said on June 25, noting that this deal will enable SaarLB to grant additional loans of almost €140 million for new renewable energy projects in France and Germany.

According to the Commission, this is the second part of a €150 guarantee agreement first signed in 2016 and made possible by the grand plan of Commission President Jean-Claude Juncker for the European Fund for Strategic Investments (EFSI).

EU Commission Vice-President for the Energy Union Maroš Šefčovič stressed that the clean energy transition will only succeed in Europe “if we think beyond national borders and work together.”

“SaarLB is doing precisely that by financing renewable energy in Germany and France. I am pleased that the EU is able to contribute through the EIB and the European Fund for Strategic Investments. This is something we are also set to encourage under the next EU budget 2021-2027. By pooling various instruments, we aim at leveraging further investment, notably from the private sector, and at boosting the strategic uptake of renewable energy technologies,” Šefčovič said.

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