Finance Institutions Are Making a Massive Investment in Solar

The European Investment Bank (EIB) recently put its stamp on a series of financing deals that will boost solar development in India and Peru, and support new solar technology advancements.

EIB’s activities this month are but a sample of the work by financial institutions to support solar growth around the world. Other organizations, such as development banks, also are making funds available through loans and grants, in a large-scale banking movement that is helping countries realize their environmental goals.

World Bank this month stepped up its environmental investment goals in a big way with the news that it will no longer finance upstream oil and gas activities after next year. Will this be the way of institutional energy investments in the future? It’s a strong sign from one of the biggest lenders in the world.

EIB Plus Solar

Oxford Photovoltaics Germany GmbH, a subsidiary of Oxford PV, yesterday said that it received $US17.8 million in financing from EIB to support commercialization of its perovskite on silicon tandem solar cell technology.

“I am delighted to sign the contract with Oxford PV today. The company has demonstrated the necessary parameters in efficiency and stability on its perovskite photovoltaic technology, to engage commercially with major industry players and play a key role in enhancing solar energy supply in the future,” Ambroise Fayolle, Vice-President of the EIB responsible for Germany, said in a statement.

EIB also put in place US$350 million in financing to support solar projects in India and Peru.

The investment bank joined YES BANK, a private sector bank in India, in a US$400 million initiative, pledging US$200 million for solar projects already identified in the states of Rajasthan, Telangana, Maharashtra and Karnataka.

“India and the European Union are committed to the Paris Agreement and tackling climate change,” Andrew McDowell, European Investment Bank Vice President, said in a statement. “This new $US400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank and YES BANK to increasing renewable energy power generation across India.”

In Peru, EIB will provide US$150 million in financing to Enel Group subsidiary Enel Green Power Peru for two renewable energy generation plants, including a new solar power plant being built in the Moquegua region, close to the Chilean border.

In a statement, EIB Vice President Roman Escolano touted the bank’s efforts to support projects that help combat climate change, both inside and outside the EU.

“In fact,” he said, “we are dedicating more resources to this goal than any other multilateral financial institution in the world.”

Check Out More Solar Finance News from 2017

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Canadian Solar Raises $20M for Projects in Brazil

Lead image credit: CC0 Creative Commons | Pixabay