The European Investment Bank (EIB) has granted a funding of €150m for Edison, which will be used for new wind farms in central and southern Italy.
The loan has been granted to Edison for financing the construction of 165MW capacity wind projects by E2i Energie Speciali, a joint venture of Edison and F2i.
EIB’s loan will be helpful to complete the eight wind power projects secured by E2i in the GSE’s auction in 2016.
At present, six facilities are being developed including both new wind farms and full refurbishment projects in Abruzzo, Basilicata, Campania and Sicily. Later this year, work is also expected to start in Puglia.
The additional generation capacity will allow E2i to expand its plant portfolio to around 700MW.
Edison CEO Marc Benayoun said: "Granting us this line of credit encourages our dedication to renewable energy development – and to wind power and hydroelectric power in particular – while also highlighting the EIB's appreciation for the validity of this project, which supports sustainable development, especially in southern Italy.”
In line with E2i's planned investments in new wind power capacity, EIB's loan may be deployed in multiple tranches, each with a term of 15 years.
EIB's Italian office manager Andrea Tinagli said: "In accordance with the European Union's objectives, the EIB regards combating climate change as one of the pillars of its lending activity, and we are particularly satisfied with our collaboration with Edison and E2i in this area, not least due to the geographical location of the new wind farms.”
Image: EIB’s funding will be used for new wind farms in central and southern Italy. Photo: courtesy of European Investment Bank.