EIB signs over €500m funding for EDF EN solar projects

18 December 2009

The European Investment Bank has signed a memorandum of understanding with French energy company EDF Energies Nouvelles (EDF EN) to provide €500m of funding for solar photovoltaic projects in France and Italy.

The agreement relates to €1bn-worth of projects being developed by EDF EN in the countries between 2010 and 2012, all of which will be equipped with thin-film photovoltaic technology created by US company First Solar. All projects are currently under development or under construction, and will be joint-financed by several commercial banks, according to EIB.

Two pilot projects will be financed in 2010 under the agreement including the Gabardan ground-based solar farm in France, which has potential output of 36MW in three 12MW tranches, and the Lorea ground-based solar farm in Italy, with a potential output of 12.5MW. The financing structure for those projects will be implemented for every subsequent investment carried out under the agreement.

Rhilippe de Fontaine Vive, vice president, EIB, said, ‘The support that we are providing to EDF Energies Nouvelles’ projects fits perfectly with the framework of the national and European policies in support of renewable energies and will help to meet the targets of combating global warming and promoting energy independence, while contributing to the development of innovative technologies.

‘We are convinced that R&D and investment in innovative and sustainable projects, in all strategic sectors including energy to stop climate change, are essential to economic revival and growth in our countries,’ he added.

EDF EN is half-owned by EDF, one of the world’s biggest renewable energy developers.

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Tags: solar

This story was published on Friday, December 18th, 2009 at 7:05 pm and is filed under Europe, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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