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The European Investment Bank (EIB) said on Friday that it will provide a de-linked guarantee of up to EUR 150 million (USD 163.3m) to CaixaBank SA (BME:CABK) to encourage the Spanish lender to finance sustainable energy projects in Spain and across Europe.
CaixaBank will use the guarantee to issue up to EUR 150 million in new financing for eligible projects, most of which are expected to be in Spain. Eligible projects include renewable energy, mostly solar and onshore wind with an option allowing for offshore wind, and energy efficiency projects, such as building renovations.
Around half of the investments are expected to take place in less developed regions of Europe, the EIB said.
The operation is aligned with the EIB’s goals of promoting sustainable energy and environmental sustainability. It also contributes to the REPowerEU plan and the European Wind Power Package, the EU bank added.
(EUR 1.0 = USD 1.088)
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