The deal is guaranteed by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe, a joint initiative of the EIB and the European Commission, and benefits from Horizon 2020 InnovFin funding. BioNTech is the first European company to enter clinical testing, having started a clinical trial in Germany in April and a further clinical trial in the United States at the beginning of May. The EIB is also backing the first municipal public-private-partnership (PPP) financing in Finland with a 21.5-year tenor €60 million loan. The loan agreed on 9 June will help the city of Espoo to build eight schools and day-care centres, which will serve 4000 children and young people. The Nordic Investment Bank (NIB) has provided an equally long-term loan of up to EUR 75 million to the project. The European Investment Fund (EIF), with EFSI and InnovFin Equity backing, signed a SEK 212 million (€20 million) participation in the “NVC Fund 1 AB”, Norrsken on 9 June. The fund focuses on impact-driven companies that use digital technologies to address societal challenges, such as software for reduction of CO2 or food waste. Meanwhile, the EIB announced on 5 June that it has granted a line of credit of 450 million euros to the consortium bringing together EDF Renouvelables, Enbridge and wpd to co-finance the construction of the largest offshore wind farm project in France, located off Fecamp. In another renewable energy deal reached on 27 May, the EIB agreed to provide PLN 82m loan (around €18m) to finance photovoltaic plants in northern Poland.