Prysmian Gets $489M from EIB for European Green Transition Push
The European Investment Bank (EIB) and Italian cable maker Prysmian have signed a new $488.7 million (€450 million) finance contract to facilitate green electricity transmission and distribution in Europe.With a view to meeting the growing demand for renewable energy in general and offshore wind in particular, Prysmian will use the EIB funds to build new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables and other technical improvements to existing lines.The EIB-financed investment will enable Prysmian to double its production capacity for extruded
EU Should Upgrade Submarine Cable Infrastructure with State Aid, Paper Says
with EU law, including state aid rules," the Commission document seen by Reuters said.CPEI (Cable Projects of European Interest) refers to projects jointly funded by the private sector and governments chipping in on easier terms.The document said funding could come from EU programs, the European Investment Bank, National Promotional Banks, other development and public financial institutions, private-sector finance institutions and private-sector investors as well as equity funds.The paper proposed a group of experts to help the Commission come up with a list of strategic CPEIs, facilitate information
Fincantieri Cuts Steel for Italian Navy's New Oceanographic Ship
Armaments, Chief Inspector Admiral Giuseppe Abbamonte.The renewal program of the naval units of the Navy's hydrographic service is part of an innovative European project involving the Ministry of Defense. Within the scope of this project, a funding agreement has been reached between the European Investment Bank (EIB) and the Italian Ministry of Economy and Finance (MEF).(Photo: Fincantieri
Construction Starts on First UK-German Power Link Project
renewable energy from being wasted." The project is financed by France's Meridiam, Germany's Allianz Capital Partners and Japan's Kansai Electric Power with a consortium of more than 20 banks and financial institutions, including the UK Infrastructure Bank and the European Investment Bank.NeuConnect, which obtained the financial green light in July 2022, will construct new converter stations on the Isle of Grain, in south east England, and the Wilhelmshaven region, in Lower Saxony, northern Germany, connected by subsea cables travelling through British, Dutch, and German
First UK-Germany Power Link Gets Financial Green Light
and Climate Change Minister Greg Hands said.The project is financed by France's Meridiam, Germany's Allianz Capital Partners and Japan's Kansai Electric Power 9503.T with a consortium of more than 20 banks and financial institutions, including the UK Infrastructure Bank and the European Investment Bank (EIB).Ambroise Fayolle, vice-president at the EIB, which is set to contribute up to 400 million euros to the project, said: "This project is ground-breaking for the energy transition, as it makes it possible to use offshore wind energy more efficiently."(Reuters - Reporting by
Bourbon to Install Eolmed Floating Wind Farm in Mediterranean Sea
undertake wide EPCI offshore projects,” says Patrick Belenfant, CEO of Bourbon Subsea Services.This wind farm will have a total capacity to produce nearly 100 million kWh per year, i.e. the annual electricity consumption of 50,000 households.According to information on the website of the European Investment Bank (EIB), the total cost of the project is estimated at around 289 million euros (around $304 million). Of the total amount, EIB will provide 85 million euros.Green Light for 30MW Floating Wind Farm Pilot in French Mediterranean
European Group Lifts Funding to $4.6B to Prevent Plastic Pollution in Seas
A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday, threatening the marine environment and communities that rely on the sea for their livelihoo
Technip Energies Acquires 16.3% Stake in Floating Wind Tech Start-up X1 Wind
Wind, a startup that has designed "an innovative and disruptive" offshore wind turbine floater.Technip Energies is the lead investor in this funding round, which also counts with the participation of the European Commission-owned European Innovation Council (EIC) Fund, advised by the European Investment Bank (EIB), and some of X1 Wind’s previous shareholders. Under the terms of the agreement, Technip Energies will hold two of the nine seats on X1 Wind’s Board of Directors.Also, Technip Energies will support X1 Wind’s management through its participation in joint technical and
Statnett to Start Work on NordLink Cable to Germany in August
. The first part of the NordLink cable will be installed from Vollesfjord in southern Norway and out into Danish waters, 100 kilometres of the way to Germany, the company said. In June, the Norwegian grid operator secured a 300 million euro ($336.33 million) loan from the European Investment Bank (EIB) for construction of the interconnector. French cable maker Nexans is responsible for the installation of the first part of NordLink, Statnett said. (Reporting by Lefteris Karagiannopoulos, editing by David Evans and Jane Merriman)
February 2025
