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EIB financing to support renewable energy projects in CEE

The European Investment Bank (EIB) will invest €25 million ($35.6 million) in the Enercap Power Fund, which will support renewable energy infrastructure projects in Central and South-Eastern Europe.

A significant proportion of the investments made by the Fund are expected to be in Hungary, Slovakia, Poland, Croatia, and the Czech Republic. The announcement of the signature, subject to final legal documentation, was made by EIB Vice President Marta Gajcka during the 2007 EIB Forum devoted to the topic “Investing in Energy – Mastering Climate Change” held in Ljubljana on 27-28 September. The Enercap Power Fund will support projects based on the use of mature technologies in the wind sector, as well as in the biofuel and other renewable energy sectors considered to be environmentally beneficial and contributing to the reduction of greenhouse gas emissions.

The Enercap Power Fund is expected to reach a total size of €100 million-150 million. This operation is being implemented in the framework of the EIB’s Structured Finance Facility (SFF), an innovative financing solution that enables the Bank to support priority projects bearing a higher lending risk than would traditionally be assumed by the EIB. (welcomeurope.com)