The European Investment Bank (EIB), one of the world’s largest energy lenders, will provide US$230 million backing to support renewables growth in Central America, helping the region compete in the global clean revolution.
In partnership with the Central American Bank for Economic Integration, Europe’s long-term lending institution agreed to invest in hydropower, wind, geothermal and photovoltaic renewable energy schemes in six countries, Costa Rica, Guatemala, Honduras, Panama and Nicaragua.
The scheme aims to cut down on regional dependence on fossil fuel imports as well as decreasing carbon emissions from energy production. It will support both public and private sector investment in renewables and energy efficiency projects.
Earlier this month, the EIB also issued a US$848 million ‘green bond’ to help it finance renewable energy and efficiency projects. The Climate Awareness Bond was launched in response to strong demand from asset managers, insurers and pension funds and is the largest of its type ever to have been issued in the euro market.
Source | The Climate Group