EIB supports European wind manufacturing with €5 billion

The Board of Directors of the European Investment Bank (EIB) have approved a €5 billion ($5.5 billion) tailored initiative to support wind energy equipment manufacturing companies.

The financing is part of the EIB’s contribution to the European Wind Power Package, following a commitment by the EU Bank to provide an additional €45 billion ($49.1 billion) in financing to support the REPowerEU plan.

Specifically, the EIB will provide €5 billion to strengthen the provision of commercial bank guarantees for investment by companies across the wind sector.

It is expected that the scheme will support up to €80 billion ($87.3 billion) of new wind energy investment and increase newly installed wind energy generation capacity by 32GW.

The guarantees will back investment by companies manufacturing wind energy and grid interconnection equipment, as well as key components for the wind sector.

Improving access to finance is a crucial component of the European Wind Power Action Plan, announced by the European Commission in October. The initiative also complements national efforts to back wind turbine manufacturers and wind energy supply chain companies throughout Europe.

Have you read:
Scottish offshore wind programme launches call for innovation
RWE consortium to deliver 684MW offshore wind project in Japan

Werner Hoyer, president of the European Investment Bank, commented in a release on how the agreement, which was announced during COP 28, "vindicates the EIB’s decision to phase out financing for fossil fuels over five years ago."

The decisions, he added, "highlight the EU bank’s commitment to deploying the full range of its resources in support of the clean energy revolution.

"Words matter, but they are not enough. We urgently need action and actual results. Climate depends on it, and so do Europe’s competitiveness, innovation and energy security. There is no trade-off between these goals. On the contrary, we cannot achieve any one of them without pursuing them all.”

With the agreement, EIB’s Board approved new energy financing for large-scale offshore wind generation in the North Sea and support for two large-scale solar power plants and the development of small-scale renewable energy projects in Spain.

It also backed investment in the first commercial solar power plant in Kosovo, a new solar power scheme in Brazil and the first cross-border electricity interconnection between Tunisia and Italy, essential to increase the exchange of renewable energy across the Mediterranean; as well as support for the renovation and expansion of district heating in France.

The Board also agreed on a total of €20.4 billion ($22.3 billion) in new financing for energy, transport, business, education, water and regional development investment across Europe and worldwide.