EIB support will allow Bristol to meet most of the costs of developing an energy services company and investment programme.
The funding from the European Union’s long-term lending institution was provided under the European Local Energy Assistance programme.
EIB said plans to establish a citywide energy services company to spearhead renewable energy and energy efficiency projects worth up to GBP140m were launched.
The plans were launched at Bristol’s Redland Green School, which is taking part in the City Council’s Solar Schools programme, which is installing solar energy systems at no costs to schools.
As part of this programme, schools will also be installing energy efficiency works such as energy efficient lighting and insulation and rolling out energy awareness activities with staff and pupils in the school.
EIB vice president Simon Brooks said the launch of the European Local Energy Assistance programme in Bristol will both improve energy efficiency and ensure supply of low carbon and renewable energy in the city.
