The European Investment Bank (EIB) and the Italian bank Intesa Sanpaolo have signed two financial operations (€750m) expected to finance 2 GW of renewable capacity in Italy and Greece. The first agreement consists on a €750m loan to support the development of renewable energy and the related supply chain, of which €500m will finance up to 75% of the construction of solar and wind power plants, as well as BESS facilities and bioenergy projects. About 80% of the projects will be located in Italy, while the remaining 20% will be developed within EU countries. The financing is expected to enable the generation of about 500 MW of new renewable capacity, with expected annual production of around 1,200 GWh. The second agreement is a counter-guarantee of €250m to activate a portfolio of bank guarantees of up to €500m to back the supply chain and power grid interconnection for new investments in the European wind sector, helping to generate around 1.6 GW of new renewable capacity each year.
Additionally, the EIB has announced a €25.9m investment to support the development of a 22.5 MW wind project (the Gatza wind park) in central Greece.
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