Dutch-based Energiefonds Overijssel bags €50M EIB loan for sustainable, green energy projects

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Energiefonds Overijssel (EFO), a regional energy fund in the Netherlands, founded in 2012 by the province of Overijssel, announced on Thursday, November 11, that it has signed a €50M loan agreement with the European Investment Bank (EIB). The signing was honoured in a ceremony in Enschede that also marked the fund’s 10-year anniversary.

The EIB investment will boost the fund’s financial strength to €330M through the end of 2027, enabling it to offer more beneficial loans for sustainable development and green energy projects in the area.

In a company statement translated from Dutch, Anouk Blüm, general manager of EFO, says, “The financing to the Enschede Energie cooperative is a good example of what we can finance more with the resources of the EIB. This is a local collaboration where EFO has made the financing possible and the cooperative has developed a solar project together with volunteers, expertise from EFO and input from the residents of Enschede. In this way, we are gradually making the entire province more sustainable, with support from the local population.”

About Energiefonds Overijssel

Energiefonds Overijssel claims to be the first and largest regional energy fund in the Netherlands. The fund contributes to accelerating the energy transition by financing sustainable and new energy projects in the province. It does that through participations, loans and guarantees, rather than subsidies.

For instance, the fund focuses on projects that aim to save energy and/or generate renewable energy locally, such as solar panels on company roofs. It largely supports the provincial goals for new energy and the overall Dutch goal of achieving climate neutrality in 2050 (national goal of -55 per cent CO2 in 2030). By 2027, EFO wants to reduce CO2 emissions by a total of 2 million tonnes. 

Overall, the fund supports innovation, entrepreneurship, job creation, and CO2 reduction in the province. StartGreen Capital is in charge of managing the money. To date, the EFO has provided more than €280M in financing for renewable energies.

The utilisation of the latest funds

Energiefonds Overijssel says all projects supported with this funding must have an “energy effect”, namely a reduction in energy consumption or generating sustainable energy or forming a link in the way there.

In a company statement translated from Dutch, EIB Vice President, Kris Peeters, says, “Energiefonds Overijssel supports the Dutch goal of making the country climate neutral by 2050. After the Limburg Energy Fund, the EIB is very pleased to be able to support such an important structure in Overijssel. Sustainability works, not only for the environment but also for your own wallet. So we are looking for other provinces that have comparable funds or want to set up such a structure.”

The loan was created in partnership with the province of Overijssel and is the result of the government’s long-held desire to utilise European resources for regional businesses.

In a company statement translated from Dutch, Eddy van Hijum, Provincial Executive of the Province of Overijssel, adds, “EFO has been contributing to the energy transition and reduction of CO2 emissions for 10 years. An independent, green and affordable energy supply is more urgent than ever. This requires smarter and ultimately more economical energy consumption and a commitment to green energy generation.”

“In these times, when energy prices are skyrocketing, EFO can make a difference by financing local energy cooperatives, social organisations and innovative medium-sized companies. With the extra money from the EIB, the fund can give the boost that is so much needed now. We are proud of it!,” adds Van Hijum.

Additionally, the Energy Fund also offers finance for heat networks and creative initiatives in the field of sustainable energy. According to the goals of the EIB as the EU’s climate bank, the investments of the fund are anticipated to result in reductions in energy prices and carbon emissions. The fund, which is run by StartGreen Capital, has the last say on all investments.

Brief about EIB

The European Investment Bank is the European Union’s credit institution for long-term loans. It is active in 160 countries and is the world’s largest multilateral lender for climate action projects.

Since the member nations own the majority of the bank’s shares – the Netherlands holds just over 5 per cent – the bank is able to obtain highly attractive interest rates on capital market borrowings. 

For instance, EIB provides long-term financing for sound investments in order to support EU policy objectives. Infrastructure, innovation, climate and environment, and small and medium-sized enterprises are the bank’s four top priority areas for project funding.

The EIB provided somewhat more than €2B in funding last year for initiatives in the Netherlands, healthcare, SMEs, and energy conservation.

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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