EU, EIB support unlocks big investments in local energy

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Posted on: 7 Apr 2010

The European Local ENergy Assistance (ELENA), established by the European Commission and the European Investment Bank, is expected to support more than EUR1 billion of energy efficiency and renewable energy projects in 2010.

24 March 2010 EU, EIB support unlocks big investments in local sustainable energy © Petarneych The European Commission and the European Investment Bank established last December a facility to mobilize funds for investments in sustainable energy at local level. In 2010, the European Local ENergy Assistance (ELENA) is expected to support more than EUR 1 billion of energy efficiency and renewable energy projects. A first agreement with the province of Barcelona will be signed in April, it was announced at the launch of the EU's Sustainable Energy Week in Brussels. In addition to this EUR500 million project, four other projects are being finalized and are expected to unlock a further EUR500 million of investment over the next 12 months. The EIB is currently in detailed discussions with 16 other cities or regions about their investment plans to increase energy efficiency and develop renewable energy. Urban areas represent around 70 percent of the energy consumption of the EU, yet the scope for sustainable energy related investments remains largely unused. ELENA support covers a share of the cost for technical support to prepare, implement and finance the investment program or everything necessary to make cities' and regions' sustainable energy projects ready for EIB funding. "ELENA is a good example of how limited budget money can be leveraged with EIB loans to support EU policy objectives. The response has shown there is real interest from cities and regions in this kind of assistance," said EIB President Philippe Maystadt. "We look forward to working with the Commission over the coming months on similar innovative financing products to support the EU's 2020 Strategy." Sources: EU News EIB EU Sustainable Energy Week 2010
Posted: 07 April 2010