BAKU, Azerbaijan, April 1. The European Investment Bank (EIB) and NORD/LB Norddeutsche Landesbank (NORD/LB) have announced a new partnership to accelerate the transition to clean energy across the European Union, Trend reports.
The financing will focus on supporting small and medium-sized renewable energy projects across Europe, including photovoltaics, onshore wind, and battery storage.
The partnership aims to improve energy independence and foster innovation in the clean tech sector. The agreement was signed at the Hannover Messe by EIB Vice President Nicola Beer and NORD/LB CEO Jörg Frischholz, with the presence of Bernhard Kluttig, State Secretary for Economic Affairs and Climate Action at the Federal Ministry for Economic Affairs and Climate Action.
The EIB will contribute 125 million euros to the initiative, with NORD/LB providing additional financing. The funds will target renewable energy projects within EU countries, building on the success of the first phase of the initiative, which supported large-scale wind and solar projects in Germany and France.