EDF Energies Nouvelles (EDF EN)  and the European Investment Bank (EIB) have announced financing of $715 million (500 million Euro) for a solar PV (photovoltaic) projects portfolio in France and Italy.

The investment program covered by the agreement relates to the development by EDF EN of solar PV projects in France and Italy over the 2010 to 2012 period. These projects, which are currently under development or under construction, will all be equipped with thin-film PV technology created by US-based First Solar.

According to the financing framework agreement, each project will be implemented jointly with several commercial banks and each financing allocation being independent of the others. The EIB’s contribution will represent up to 50% of the total financing of each project.

Two pilot projects -- the Gabardan ground-based solar farm in France (three 12 MWp tranches, Landes) and the Loreo ground-based solar farm in Italy (12.5 MWp, Veneto) -- will be financed in early 2010 under this agreement.

“The support that we are providing to EDF Energies Nouvelles’ projects fits perfectly with the framework of the national and European policies in support of renewable energies and will help to meet the targets of combating global warming and promoting energy independence, while contributing to the development of innovative technologies,” said Philippe de Fontaine Vive, VP of the EIB, in a statement. “We are convinced that R&D and investment in innovative and sustainable projects, in all strategic sectors including energy to stop climate change, are essential to economic revival and growth in our countries.”

By: DocMemory
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