Italy: Erg secures 243-million-euro EIB loan for renewable energy projects

Milan: Italy’s Erg (ERG.MI), opens new tab has secured a 243-million-euro ($254.91 million) loan from the European Investment Bank (EIB) for wind and solar energy projects in Italy, France and Germany, the renewable energy group said on Monday.

The EIB loan will cover more than the standard 50% of the total cost of projects as it is linked to REPowerEU, the European Union’s decarbonisation and green energy plan, Erg said in a statement.

It will support three greenfield onshore wind farms in France, the re-powering of two existing wind farms in Italy and one in Germany, and the modernising and raising the output of seven solar power plants in Italy.

The agreement covers a total installed capacity of around 270 megawatts (MW) to meet the annual energy needs of over 200,000 families, Erg said.