Friday, December 8, 2023
 
 

EIB backs innovative electric power company in Spain

EPA-EFE/MAURITZ ANTIN/FILE PICTURE
Wind turbines on hills near the village of Ardales in Andalusia, southern province of Spain.

- Advertisement -

The European Investment Bank (EIB) is providing Arteche Group with a €27 million loan to finance its Research and Innovation strategy, the European Commission said on 22 November.
“The electric power industry has a crucial role to play in the green transition, and that demands innovative solutions,” EU Economy Commissioner Paolo Gentiloni said. “That’s why the European Union is supporting Arteche in its efforts to develop safer, more efficient electrical systems. This investment will also help to create high-quality jobs in Spain,” he added.
The financing, backed by the European Fund for Strategic Investments (EFSI), will allow the Group to modernise its digital infrastructure and to develop sustainable electrical systems.
As of December 2019, the Investment Plan had mobilised €458.8 billion of investment across the EU, including €49.8 billion in Spain, and supported more than one million start-ups and small and medium businesses.
 

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

Don't miss

Cameron’s return as Foreign Secretary raises UK’s international profile

David Cameron, who was made foreign secretary in a surprise move by Prime Minister Rishi Sunak during his cabinet reshuffle on November 13, brings...

Economy Minister says Kazakhstan to expand investment and diversify trade with Europe

Kazakhstan’s Minister of National Economy, Alibek Kuantyrov, spoke to NE Global in an exclusive interview about his country's relations with Europe, Astana's economic partners,...

New DFC commitments to maritime infrastructure projects

The US recently announced two major commitments to funding maritime infrastructure and related commercial projects, one in Sri Lanka and another in Greece through...

The EU Green Deal is a barrier to trade and global partnerships

There is an English saying that if you can’t see the wood for the trees, then you should step back and then you will...

IEA warns transitions bring new risks to energy security

Clean technology and critical mineral supply chains are highly geographically concentrated, the International Energy Agency warned in its World Energy Outlook for 2023 and...

Turkey’s role in the EU’s energy transition

The European Union is facing a unique opportunity in a world increasingly defined by geopolitical tensions, economic turbulences and the urgency of addressing climate...

After offshore gas pipe suspected sabotage, Finland switches to LNG

Finland has switched to liquified natural gas supplies to cover the country’s needs following a decision on October 8 to shut down the Balticconnector...

Ahead of COP28, global effort intensifies to scale up clean energy, reduce fossil fuel demand

Momentum behind efforts to build a broad coalition to keep the Paris Agreement goal of limiting global warming to 1.5°C within reach increased at...