May 28, 2024

European Investment Bank contributes funding toward Mytilineos’ 2.6GW solar, storage pipeline

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.

To read the full version of this story, visit PV Tech.’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 20-21 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

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