Europe takes lead in financing renewable energy projects in 2012

The European Investment Bank (EIB) loaned $2.16 billion for renewable energy projects worldwide in 2012, moving ahead of the U.S. which held the top spot last year.

The European Investment Bank (EIB) loaned the most money for renewable energy projects worldwide in 2012, Bloomberg reported.

“The EIB has played a vital role in financing large renewable energy projects in the last few years as commercial banks have been constrained by balance sheet pressures,” said Angus McCrone, senior analyst for Bloomberg New Energy Finance.

The $2.16 billion given to the industry beat the U.S. government's financing for solar, wind and other clean energy projects. In fact, the article states, the U.S. Federal Financing Bank, which led a year ago, dropped out of the top 20 biggest lenders for renewable energy projects.

The rise of solar power in European countries like Germany and France are driving contracts to deliver electricity for 2014 to record lows, Bloomberg reported. The source said as much as 18 percent of electricity in Germany may be replaced by power from solar panels and reduce demand from other sources by as much as 10 percent by 2020.

PennEnergy's research area offers details on the solar energy market in Germany.

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