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News article11 October 2022Directorate-General for Energy

RePowerEU: additional funding to speed up renewable energy projects

RePowerEU: additional funding to speed up renewable energy projects
The EU is facing unprecedented challenges in our economy and energy supply. The RePowerEU plan is a response to the hardships and global energy market disruptions caused by Russia’s invasion of Ukraine. Launched in May 2022, the plan aims to save and produce clean energy and diversify EU energy supplies.

The European Investment Bank Group (EIB group) decided in October 2022 to support the REPowerEU Plan with an additional €30 billion in loans and equity financing over the next five years. These new additional funds will be directed to renewables, energy efficiency, grids and storage, electric-vehicle charging infrastructure, and breakthrough technologies, such as low-carbon hydrogen. It is essential to bridge the difficult time of transition for SMEs and industries towards cheaper and renewable energy all across the EU. “RePowerEU will massively speed up the permitting process for renewable energy projects,” said President of the European Commission, Ursula von der Leyen.

In addition, Eiffel Investment Group (Eiffel) and the European Investment Fund (EIF) announced the launch of Eiffel Transition infrastructure. This will provide equity bridge financing for renewable energy infrastructure assets all over Europe. The EIF central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them access finance. This newly launched fund is targeting up to €500 million and the agreement is supported by InvestEU, which brings together all EU financial tools to support investment. It wants to make project financing simpler, more efficient, and more flexible. The InvestEU programme also generates additional investments in line with key EU priorities, such as the European Green Deal, the digital transition and especially support for SMEs. The new fund expects to complete two inaugural investments before the end of the year, and it will enable renewable energy developers to accelerate development assets. This is good news for SMEs.


Publication date
11 October 2022
Directorate-General for Energy