Newstalk
Newstalk

12.48 6 Dec 2018


Share this article


The European Investment Bank (EIB) has announced plans to back renewable energy investment across Europe, in cooperation with an Irish firm.

Dublin-based NTR plc has almost 40 years of experience in investing in and managing infrastructure assets.

Its focus is on on-shore wind projects and solar projects in other European countries.

The EIB's €84m backing for the NTR Renewable Energy Income Fund II was announced at an EIB investment conference at the Central Bank in Dublin.

It was attended by Government ministers, EIB President Werner Hoyer and more than 200 business and finance representatives.

The fund will support greenfield on-shore wind and solar projects, as well as energy storage schemes.

It will also provide long-term equity financing of over 25 years to accelerate development of small and medium sized renewable energy projects.

The EIB says expansion of these projects is "currently hindered" by limited availability of long-term financing.

It expects to support 15 to 20 different renewable energy projects, representing approximately 700 MW of clean energy power generation.

Image: NTR

The EIB adds: "Energy storage remains an emerging technology and enabling renewable energy to be more effectively reflect peak demand is essential to achieve climate targets."

Climate Action and the Environment Minister Richard Bruton says: "We want to make Ireland a leader in responding to climate change.

"Being a leader means acting now, stretching ourselves and seizing the enterprise opportunities in a low carbon economy.

"Being a follower means the final costs of adjustment are much higher and opportunities much lower or completely lost.

"Harnessing clean energy is essential to this ambition and stimulating private sector funding of renewable energy projects can help drive down consumer costs and increase the pace and scale of transition to low carbon technologies".

A €500m equity fund is to made available, together with €700m debt.

Last year, the EIB provided €4.4bn for investment in renewable energy projects worldwide.

In May, it confirmed €79.5m backing for the Oweninny windfarm in Co Mayo.


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

Up next

OFF THE BALL

OFF THE BALL

19:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

MONCRIEFF

MONCRIEFF

14:00-16:00

Share

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

00:00:00 / 00:00:00

Share on