Eib Efsi Agreement

In spring 2017, the EP and the EIB signed an agreement under regulation (EU) 2015/1017 (Article 17). It concerns the modalities for the exchange of information between the EP and the EIB, including the selection process for the Executive Director of the EFSI and the Deputy Executive Director of the EFSI. This agreement will launch Solar Storm as an investment platform for Umbrella Capital, the holding company of IM2 Energéa Solar, with a focus on independent electricity producers (PPIs) and become a renewable energy producer. In addition to the EIB`s investments, Solar Storm 200 is supported by the commercial banking sector through project financing. The operation has an innovative structure in which the EU Bank invests for the first time in a renewable energy project development platform. This agreement will make the EIB a partner of Solar Storm 200, the sustainable investment vehicle through which IM2 has planned the development and construction of this infrastructure in Spain. This is a flagship project for IM2, a 16-year-old photovoltaic industry with offices in Spain and Chile, which works with both investment and high-performance industrial self-consumption projects. The management of the EFSI is based on an agreement between the European Commission and the EIB. The European Fund for Strategic Investments (EFSI) is the main pillar of the Juncker plan and offers first-loss guarantees that allow the EIB to invest in more, often riskier projects. The efSI-approved projects and agreements are expected to mobilise more than 450 billion euros of investment – including 49.5 billion euros in Spain – to support start-ups and SMEs in the 28 EU Member States. Juncker-supported investment increased EU GDP by 0.9% and created an additional 1.1 million jobs than the baseline scenario. By 2022, the Juncker plan will increase EU GDP by 1.8% and create an additional 1.7 million jobs.

The Vice-President of the European Commission, who works for a man-made economy, said: “Investing in renewable energy is an essential element in achieving the Paris climate agreement targets and achieving climate neutrality by 2050. I am pleased to be in Madrid for COP25, where the European Investment Bank has signed an agreement as part of the Investment Plan for Europe that is building 15 new solar parks in Spain. This agreement will not only create new sources of clean energy, but will also create jobs. The European Investment Bank (EIB) and Spanish multinational IM2 Energéa Solar today signed an agreement in Madrid to promote the development of renewable energy in Spain and to help achieve the EU`s climate goals. The EIB will provide EUR 26 million to support the Solar Storm 200 project, which includes the construction of 15 photovoltaic plants in Spain. The agreement was signed today at the EU Bank`s COP25 level by EIB Vice-President Emma Navarro and IM2 Energa Solar Enrique Selva, and is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the investment plan for Europe (the Juncker Plan). The EIB is one of the world`s largest multilateral providers of climate finance. The Bank`s objective is to take the lead in mobilizing the financial resources needed to keep global warming below 2 degrees Celsius and to limit the temperature increase to 1.5 degrees Celsius in order to achieve the goals of the Paris Agreement. On 14 November, the EIB`s Executive Board approved its roadmap for consolidating its position as the EU`s climate bank, as well as the new energy finance policy.

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