The European Investment Bank (EIB) has officially launched a €5bn initiative to boost wind power capacity in the European Union, by announcing a partnership with Germany’s Deutsche Bank. The EIB will provide a €500m guarantee to Deutsche Bank to help the lender support Europe's wind power industry. This counter-guarantee (i.e. assurances to cover losses if a borrower defaults on a loan) is the first announced in the bank’s €5bn initiative.
The EIB's loan is designed to enable Deutsche Bank to set up a portfolio of up to €1bn of guarantees for investments in wind generation and grid connections. The portfolio is expected to bring up to €8bn of investments by companies or individuals.
The EIB's initiative is expected to support the development of a total of 32 GW of new wind capacity, contributing towards an EU target to reach 117 GW of new capacity by 2030.
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