BRUSSELS: The Board of the European Investment Bank (EIB) Group approved a total of €10 billion in financing, including almost €2 billion for initiatives to expand Europe’s clean energy investments, ensure affordability and bolster competitiveness.The Board of the EIB endorsed loans to support the production of offshore wind power in Germany and solar energy in Italy as well as the accelerated use of renewables by businesses in Austria. Europe unveils emergency energy plan after Middle East crisis adds €24bn to import billSolar power surpasses coal in EU as renewables hit record high: ReportEU to bolster Egypt ties with billions of euros in fundingEU to try again for renewable energy deal after nuclear rowThe financing also backs improvements in energy savings in heating systems in Latvia and Dutch grid upgrades that increase capacity for renewables and expand charging possibilities for electric vehicles.“Europe needs to break free from its fossil fuel dependence,” said EIB Group President Nadia Calviño.
“The investments approved today confirm the commitment of the EIB Group to deliver on the energy transition and strengthen Europe’s strategic autonomy.”The new financing supports EU policy priorities and the European Commission’s “Clean Energy Investment Strategy” from March 2026 as well as its “AccelerateEU” plan published this week. Under both initiatives, the EIB Group will work with the Commission to fast-track Europe’s switch from fossil fuels to clean energy.In addition, €8 billion in fresh financing cover projects in the areas of urban development, business competitiveness and rail and road transport. The EIB Board agreed to finance projects involving city regeneration in Belgium, new and upgraded roads in Romania and business investments in Bulgaria, Italy and Spain.