EDF Energies Nouvelles said Thursday it has signed a memorandum of understanding with the European Investment Bank (EIB) to get €500 million ($716.2 million) to pay for building solar power plants in France and Italy.
The financing would be able to cover up to 50 percent of the cost for each of the projects EDF wants to build from 2010 to 2012. EDF didn't specify how many projects or their sizes will be covered by EIB's investments. EDF will have to raise money from other banks as well.
Paris-based EDF did say the money would help pay for the 2010 construction of a 36-megawatt solar farm in France and a 12.5-megawatt project in Italy.
Solar panel maker, First Solar, will benefit from...