The European Investment Bank (EIB) has committed €400 million (US$437 million) to support the solar and battery storage development plans of Greek renewables developer Mytilineos.
The commitment forms part of a broader investment scheme from Mytilineos that will support the development of 2.6GW of solar PV and storage assets across the European Union (EU) through 2027. The total sum of the investment is expected to be around €2.5 billion (US$2.7 billion).
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Signed in late 2023 (21 December), the EIB said that its €400 million investment forms part of its support plan for the EU’s REPowerEU scheme which was introduced in 2022 to lessen the bloc’s dependence on fossil fuels, most notably Russian gas following the invasion of Ukraine.
In July 2023, the EIB announced a €15 billion expansion to its support for REPowerEU, targeting both renewable energy capacity deployments and asset manufacturing.
The EIB’s financing will support Mytilineos’ projects in “less developed” areas of the EU with a below-average income per capita. It will focus on the developer’s native Greece, as well as a range of other countries across the continent. In addition, the EIB said that it will help to upgrade existing electricity grids to ease the management and incorporation of renewable energy sources.
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