EIB loans €150 million for Bhutan solar and hydro projects

Facebook
Twitter
LinkedIn
Reddit
Email
The deal – the EIB’s first loan to Bhutan – was signed this week. Image: European Investment Bank

The European Investment Bank (EIB) has signed a €150 million (US$159 million) loan to support the development of solar PV and hydropower plants in Bhutan.

The loan – the first investment support the EIB has signed with Bhutan – will stand for 30 years and support Bhutan’s Nationally Determined Contribution target. Bhutan is one of three net carbon-negative nations on earth, aided by the forests that cover around 71% of its land mass and store large volumes of carbon emissions.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The EIB said the money would support “an estimated 310MW of new renewable energy generation to serve communities in remote regions”, expected to generate around 670GWh of power annually. The new solar capacity will help to account for shortages in hydropower generation during Bhutan’s dry season.

Lyonpo Lekey Dorji, finance minister of the Kingdom of Bhutan, said: “As Bhutan strives to maintain its carbon-negative status amidst rising global challenges, this partnership not only strengthens Bhutan’s renewable energy sector, but also contributes to the broader regional and global effort in combating climate change.”

Bhutan began construction on its first utility-scale solar PV project in July 2023. The 17.38MW site is being constructed by Bhutanese construction firm M/S Rigsar and Indian engineering company PES and is expected to be completed by the end of 2024. Upon completion, responsibility for the plant’s operation will pass to the Bhutanese electricity utility Druk Green Power Corporation.

Druk Green Power will also implement the new projects supported by the EIB loan.

2 February 2027
London, UK
Returning in 2027 for its 14th edition, Solar & Storage Finance Europe will bring together the brightest minds representing funds, banks, developers, utilities, government and industry across Europe and the UK on a programme that is solutions-focused from top to tail. The event is designed to enable leaders at the forefront of solar and storage investment and deployment in Europe to scale, learn and land themselves industry defining partnerships.

Read Next

August 6, 2026
Clearway Energy generated and sold 3,585GWh of solar power in the second quarter of 2026, up from 2,800GWh in Q2 2025.
August 6, 2026
SolarEdge posted Q2 2026 revenue of US$346.2 million, up 20%, driven by stronger demand in Europe and growth in the US C&I segment.
August 6, 2026
Australia's coal retirement timeline is creating a circular problem for renewable energy investment, a panel discussion revealed.
August 5, 2026
Avantus has closed a US$1.05 billion corporate credit facility, doubling the US$522 million facility it secured in July 2024.
August 5, 2026
Shoals posted record quarterly revenue of US$163.4 million, driving net income of US$12.1 million, in the second quarter of 2026.
August 4, 2026
Solar developer RWE has signed a power purchase agreement (PPA) with tech giant Google to power data centre operations in Oklahoma, US.

Upcoming Events

Solar Media Events
October 13, 2026
San Francisco Bay Area, USA
Solar Media Events
November 3, 2026
Málaga, Spain
Solar Media Events
November 24, 2026
Warsaw, Poland
Solar Media Events
February 2, 2027
London, UK
Solar Media Events
April 20, 2027
Istanbul, Türkiye