Solar Industry Grabs EUR 1bn In EIB Funds In 2017

Solar Industry Grabs EUR 1bn In EIB Funds In 2017

The European Investment Bank (EIB) on Friday said it has extended EUR 1.05 billion (USD 1.29bn) in financing for solar projects globally last year.

The allocation, which the EIB says is the largest ever annual support it has provided for the solar industry, was distributed among projects in India, Mexico, Peru, and 13 countries of the European Union (EU) block. More than half of the overall funds, or EUR 640 million, were approved for projects in India. The photovoltaic (PV) schemes in the South Asian country that will benefit from the financing will lead to the production of clean energy for around 4.2 million homes and mitigation of 4 million tonnes of carbon dioxide (CO2) emissions.

“Solar power is providing clean energy for millions of people around the world and solar energy now represents the single largest source of new power generation,” commented EIB’s president Werner Hoyer. Read More…

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