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Orlen Group secures EIB loan for Poland’s electricity distribution upgrade

Global, News

Orlen Group has received a 3.5 billion zlotys ($866.6 million) loan from the European Investment Bank (EIB) to fund a major program aimed at modernizing and strengthening Poland’s electricity distribution network.  The loan, to be disbursed in tranches over three years, will have a repayment period of up to 15 years. The initial tranche of financing is valued at 900 million zlotys. Energa Operator, Orlen’s distribution subsidiary, will lead the project, serving over 3.4 million…

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EIB grants €120 million loan to Iberdrola for energy innovation in Spain

Global, News

The European Investment Bank (EIB) has signed a €120 million loan agreement with Iberdrola to support research and innovation in energy technologies, focusing on accelerating electrification and decarbonisation. The total investment associated with these initiatives amounts to €250 million. The funding will be directed toward the development of renewable energy technologies, including solar photovoltaic, hydro, wind power, hybrid, and agrovoltaic projects. It will also support research into decarbonisation technologies such as green hydrogen and heat…

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EIB and Intesa Sanpaolo launch €8 billion wind sector initiative

Global, News

The European Investment Bank (EIB) and Intesa Sanpaolo have launched an initiative to unlock €8 billion in wind sector investments, as part of EIB’s €5 billion wind energy plan unveiled at COP28. Supported by InvestEU, this will support 32 GW of wind capacity toward the EU’s 2030 renewable energy target of 45%. EIB will provide a €500 million counter-guarantee, enabling Intesa Sanpaolo to establish €1 billion in guarantees for wind farm supply chains and grid…

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South Africa wins €400m for solar and wind projects from EIB and FirstRand

Global, News

Several solar and wind projects in South Africa will receive €400 million through a joint initiative between the European Investment Bank (EIB) and South Africa’s FirstRand Bank. The investment, with each party contributing €200 million, aims to enhance private sector energy generation, boost energy security, and mitigate power cuts. The funding aligns with Europe’s Global Gateway strategy, which targets €100 billion in sustainable infrastructure investments by 2027. This initiative supports South Africa’s net-zero target for…

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Matrix Renewables secures EUR 50 million EIB loan for solar projects in Spain

Global, News

Matrix Renewables has obtained a EUR 50 million (USD 54.6 million) green loan from the European Investment Bank (EIB) to finance new solar projects in Spain. The funds will support the design, construction, and operation of five solar farms with a total capacity of 240 MW in Castile and Leon and Extremadura, regions with lower-than-average EU per-capita income. The solar farms are expected to be operational by the end of 2025. This loan aligns with…

Power Sector News Roundup for November 14, 2024

Power Bytes

Global: NSW approves A$4.8bn Humelink transmission project Ramboll completes acquisition of K2 Management Capital Dynamics secures £48.5m funding for Scottish onshore wind projects Oklo signs LOIs with data centres to supply 750MW of low-carbon power Bureau Veritas acquires Versatec Energy to expand energy sector services Six nations join pledge to triple nuclear power by 2050 at COP29 rPlus Energies secures PPA with Idaho Power for 125MW Pleasant Valley Solar 2 project Orlen Group secures EIB…

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TechnipFMC and Prysmian collaborate for floating offshore wind energy solutions

Global, News

TechnipFMC and Prysmian have entered into a partnership to deliver a comprehensive solution for floating offshore wind projects, integrating expertise from the seabed to the ocean surface.  This collaboration combines TechnipFMC’s proficiency in dynamic offshore system design with Prysmian’s leadership in submarine power cable systems. The agreement aims to streamline project delivery through a full engineering, procurement, construction, and installation (EPCI) model, optimizing mooring, anchoring, and both inter-array and export cabling systems. This integrated approach…