EIF invests €200 million to grow European biomethane production

The European Investment Fund (EIF) has committed €200 million ($232 million) to expand biomethane production in Europe.

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EIF is a part of the European Investment Bank (EIB) Group.

The funding was awarded to Copenhagen Infrastructure Partners’ (CIP) Advanced Bioenergy Fund II (ABF II), to build, operate and scale up biogas infrastructure across Europe using anaerobic digestion technology, EIF said.

The facilities will convert feedstocks, such as manure and agricultural waste, into biomethane, to be used in sectors including maritime and industrial transportation, EIF said.

Upon conversion, the gas can be used as liquefied biomethane (LBM) for use as marine fuel, either on its own or blended with LNG in dual-fuel ships.

ABF II will focus on greenfield projects in countries including Denmark, Ireland, Spain, Belgium, and Finland. The fund has a target size of €1.5 billion ($1.74 billion).

“With a target size of €1.5 billion, the fund is expected to make a significant contribution to Europe’s renewable energy production and support the transition away from imported fossil fuels,” EIF said in a statement.

By Aparupa Mazumder

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