The European Investment Bank (EIB) has committed €243m ($255m) to finance renewable energy projects by wind and solar operator ERG Group.
The funding will advance renewable energy development across Italy, France, and Germany, aligning with EU energy targets and national climate plans.
The EIB’s green loan supports ERG’s 2024–2026 Business Plan, which focuses on expanding its renewable portfolio and strengthening funding sources. The financing will facilitate the construction of three new onshore wind farms in France, the modernisation of two wind farms in Italy and one in Germany, and upgrades to seven solar power plants in Italy.
These projects will collectively deliver 270MW of installed capacity, meeting the annual energy needs of 200,000 families. Around 97% of the capacity will be located in EU cohesion regions, which are less developed or in transition.
The EIB loan exceeds its usual 50% coverage of project costs due to alignment with REPowerEU objectives. The bank has committed an additional €45bn by 2027 to support these goals. For such initiatives, the EIB offers higher initial disbursements, extended loan maturities, and the possibility of raising financing coverage to 75%.
ERG Group, which has shifted from oil operations to renewable energy, now generates 100% of its electricity from renewables. The EIB’s support has been pivotal in this transformation. The company aims for net-zero emissions across its value chain by 2040.
ERG operates in nine European countries and the US and is a leading onshore wind operator in Italy. It also focuses on solar energy production and battery storage.