The European Union's (EU) investment bank announced Tuesday it would support some 200 million euros (220 million U.S. dollars) in investments in the renewable energy sector.

The European Investment Bank (EIB) and Landesbank Saar (SaarLB) signed a 100-million-euro guarantee agreement Monday, which is designed to grant SaarLB additional scope to invest in the renewable energy sector, an EU statement said.

This transaction benefits from the support of the European Fund for Strategic Investments (EFSI) and will facilitate SaarLB making almost 200 million euros worth of additional loans available for renewable energy projects, it added.

"The energy transition will only succeed in Europe if we think beyond national borders and work together. SaarLB is doing precisely that by financing renewable energies in Germany and France," Maros Sefcovic, vice president of the European Commission in charge of the energy union, was quoted as saying. Enditem

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