The European Commission has announced that the European Fund for Strategic Investments (EFSI) will be extended for three further years to 2020, with the aim of mobilising EUR 500 billion in investment.
EFSI was set up in 2015 to kick-start investments in the EU by mobilising private finance, and a large part of investments under EFSI have an energy focus. Since its launch, EFSI – which is implemented and co-funded by the European Investment Bank (EIB) – is on track to mobilise at least EUR 315 billion in additional investment by mid-2018.
So far, EFSI has supported energy infrastructure projects and those focussing on energy efficiency, renewable energy and smart meters.
In offshore wind, the fund has supported Beatrice and Galloper offshore wind farms in the UK, Nobelwind offshore wind project in Belgium, and Copenhagen Infrastructure Partners, which invest in large energy-related projects, with a focus on offshore wind, biomass and transmission. In addition, an EFSI investment into Belgian Rentel offshore wind farm has been approved this year.
The next EFSI period, known as EFSI 2, will continue to support energy infrastructure projects, as well as those that encourage renewable energy technologies and energy efficiency.
EFSI will also focus on projects in Eastern and Southern EU countries, aiming at achieving a good geographical balance and helping to meet the Energy Union’s goals of security of energy supply and cutting carbon emissions from the energy sector, the European Commission said.