Enel Green Power secures EUR160m funding from European Investment Bank
Italian renewable energy corporation Enel Green Power (EGP) has signed an agreement with the European Investment Bank (EIB) to secure €160m in funding to develop alternate energy sources.
EGP will employ the funds to develop innovative technologies in the solar, photovoltaic, wind, geothermal and hydro power sectors to increase electricity generation.
The company's strategy relies on funding projects through cash flow generation alongside long-term and competitively-priced external funding.
The funding is the second and final tranche of the €600m operation that was approved by EIB in 2010 to contribute towards implementing the European Union's 2020 Strategy and reduce CO2 emissions by 20%.
EIB will disburse the loan towards the end of 2012 and will have a 20-year term to be secured by one or more guarantees issued to EIB by financial groups.
By diversifying the sources of power generation EID expects to improve environmental stability, fight climate change and increase overall efficiency to ensure the security and sustainability of energy supplies over time.