First EIB loan for renewable energy and energy efficiency in Belgium and Luxembourg
The European Investment Bank (EIB) is providing Dexia Bank with a EUR 150m loan to finance investment in renewable energy and energy efficiency in Belgium and Luxembourg.
The purpose of the agreement signed on 18 May in Brussels by Philippe Maystadt, EIB President, and Jean-Luc Dehaene, Chairman of Dexia, is to support the development of renewable energy and energy efficiency. This is the first EIB loan of its kind in Belgium.
The resulting programme - ‘EIB Dexia Renewable Energy' - is aimed at businesses, public authorities and non-commercial sector players alike. It will serve to finance small and medium-scale projects in the solar energy, wind energy, biomass (excluding biofuels) and cogeneration sectors as well as measures aimed at improving energy efficiency, of public buildings in particular.
The projects will have to be submitted to Dexia Bank Belgium and those selected will be financed up to a maximum of 50% via the EUR 150m credit line provided by the EIB, with the balance being covered by Dexia Bank. The final beneficiaries will be duly informed of the EIB's involvement and the form it will take and of the improved financial terms that it is offering.
At the signing ceremony Mr Dehaene stated: 'This EIB framework loan will enable Dexia Bank to actively support the efforts being made by public authorities, businesses and the non-commercial sector alike, by granting them loans on competitive terms to finance their investments in the fields of clean energy and energy efficiency. Thanks to this partnership, no less than EUR 300m will be advanced via Dexia Bank and Dexia Lease for such investments in Belgium and Luxembourg over the coming months and years. This underscores the central role of renewable energy in Dexia's strategy, a key sector supported via conventional lending and via leasing, project finance and public-private partnerships.'
Mr Maystadt, who has on numerous occasions emphasised his institution's desire to support the development of renewable energy and energy efficiency projects in Belgium, also welcomed this agreement: 'Having previously entered into this type of operation in ten other EU countries, the EIB can now make its funding capacity and experience available to project and investment promoters in Belgium and Luxembourg'. The EIB President was also pleased 'to be able to count on the EIB's long-standing partnership with the Dexia Group and Dexia Bank's political will and expertise, particularly in the fields of solar and wind energy. That cooperation is reflected in this framework loan and will facilitate investment by enterprises and public institutions in these fields', and added that: 'the EIB is providing substantial backing for economic stimulus plans throughout the EU and we are convinced that recovery and growth in the Member States will be achieved through the development of R&D, support for investment and the implementation of innovative, sustainable projects in a number of strategic sectors, including energy and combating climate change.'
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