European Investment Bank (EIB) and Intesa Sanpaolo have launched a new initiative aimed at unlocking up to €8 billion in investments for the European wind sector. This initiative is part of the EIB’s larger €5 billion wind energy investment plan, which was announced at COP28. Supported by InvestEU, this agreement is the first under the EIB’s wind package and follows a similar collaboration with Deutsche Bank AG. The programme is designed to support 32 GW of the 117 GW of wind capacity needed for the European Union to meet its target of generating 45 per cent of energy from renewable sources by 2030.
Additionally, as a part of this arrangement, the EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, allowing the Italian bank to establish a portfolio of guarantees valued at up to €1 billion. These guarantees will back supply chain projects and power grid interconnections for new wind farms across the European Union. The EIB’s support is expected to have a leverage effect, attracting additional investment from other financial sources.
Earlier in 2024, South Africa’s renewable energy sector secured €400 million in funding, which was announced by the European Investment Bank (EIB) and FirstRand Bank Ltd. The collaboration involved a €200 million loan from the EIB, which is being matched by FirstRand Bank.
