The European Investment Bank (EIB) has approved €17.4 billion ($20.2 billion) in new financing, including €800 million to modernize Romania's Cernavoda nuclear power plant, as the European Union steps up investment in energy security, clean energy and strategic infrastructure.
The financing package, approved this week by the boards of the EIB and the European Investment Fund (EIF), allocates €3.7 billion to energy projects aimed at reducing Europe's dependence on fossil fuels while supporting the expansion of low-carbon energy infrastructure.
The €800 million loan will finance the refurbishment and life extension of Unit 1 at the Cernavoda nuclear power plant, which generates about 20% of Romania's electricity. The project includes the replacement of key equipment and upgrades to critical systems.
"The EIB Group is financing important projects for Europe's security and autonomy, bringing affordable energy to households and businesses," EIB President Nadia Calvino said in a statement.
The financing package also includes support for electricity grid projects in Belgium and Spain, wind farms in Germany and solar power projects in France.
Beyond the energy sector, the EIB approved financing to modernize Ukrainian border crossings along the European Union's Trans-European Transport Network (TEN-T), including upgrades to border terminals, customs equipment and digital systems to improve connectivity with EU member states and Moldova.
Outside the European Union, the bank also approved financing for wind power projects in Egypt, solar energy and electricity grid investments in Tunisia, and sustainable agriculture projects in Moldova under the EU's Global Gateway strategy.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
