[SMM PV] European Investment Bank Increases Investment! Covering PV, Wind Power, and Power Grid Upgrades

The European Commission has decided to restrict EU funding—including through the European Investment Bank (EIB) and the European Investment Fund (EIF)—for solar, wind, and battery energy storage projects utilizing inverters from high-risk countries, namely China, Russia, Iran, and North Korea, citing cybersecurity risks. The policy, communicated to financial institutions, took effect on May 1, 2026. While initial media reports highlighted restrictions on photovoltaic solar projects, it is now confirmed that battery energy storage systems (BESS) are also included in the directive. The industry is awaiting the official publication of the new guidelines, as the Commission does not currently plan to issue a public announcement or press release on the matter.

Madagascar’s state utility Jirama and the rural electrification agency ADER have signed 46 MOUs to develop new solar power plants across the island. The agreements cover 526 MW of capacity across 55 prospective sites for Jirama, and 406.72 MW of capacity for ADER, totaling 932.72 MW. The Ministry of Energy and Hydrocarbons stated that the next step is converting these MOUs into firm contracts to start construction. The initiative aims to reduce reliance on imported fuels and boost the national electrification rate from 36% to 80% by 2030, while increasing the renewable share in the energy mix to 80%-85%.