The European Investment Bank (EIB) has approved a €5bn initiative to support wind energy equipment manufacturing companies. The initiative aims to strengthen the provision of commercial bank guarantees for investment by companies across the wind sector. The scheme is expected to support up to €80bn of new wind energy investment and raise newly installed wind energy generation capacity by 32 GW.
The financing is part of the EIB’s contribution to the European Wind Power Package, and is designed to further accelerate a just and swift transition to net zero. The decision follows the commitment by the EU Bank to provide an additional €45bn in financing to support the REPowerEU plan, designed to accelerate the decarbonisation of the European economy.
In addition, the EIB agreed a total of €20.4bn in new financing for various projects, including in energy and transport. The bank approved new energy financing for large scale offshore wind generation in the North Sea and support for two large scale solar power plants and development of small-scale renewable energy projects in Spain. It also backed investment in the first commercial solar power plant in Kosovo and the first cross-border electricity interconnection between Tunisia and Italy, as well as support for the renovation and expansion of district heating in France.
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