The European Investment Bank is set to back renewable energy investment across Europe in co-operation with Dublin-based company NTR.

€84m will be provided to one of NTR's funds which will support onshore wind and solar projects, as well as energy storage schemes.

The EIB said that energy storage remains an emerging technology and enabling renewable energy to be more effectively reflect peak demand is essential to achieve climate targets.

"As world climate leaders meet in Poland to discuss implementation of the Paris Agreement, the new €84m support for renewable energy projects across Europe by NTR demonstrates the EU Bank's firm commitment to accelerating investment crucial for tackling climate change," commented Andrew McDowell, Vice President of the European Investment Bank.

"Scaling up investment by harnessing support of institutional investment is crucial for global ambitions to accelerate climate action," Mr McDowell said. 

"NTR's new cooperation with the European Investment Bank reflects our shared goal of ensuring long-term investment in renewable energy projects essential for achieving Europe's climate commitments," said Dr Rosheen McGuckian, NTR's chief executive.