EIB, Intesa Sanpaolo unlock €8b EU wind power investments

The European Investment Bank (EIB) and Italy’s Intesa Sanpaolo launched on Thursday a new initiative to unlock up to €8 billion in investments for the European wind industry.

The agreement, part of the EIB’s €5 billion wind power package announced at COP28 in Dubai, aims to boost wind energy production across the EU.

The EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, enabling the bank to offer up to €1 billion in guarantees for wind farm projects.

The initiative is designed to support the production of 32 GW of wind capacity by 2030, contributing to the EU’s goal of generating at least 45 per cent of its energy from renewable sources.

“Wind energy is central to European energy independence,” said EIB Vice-President Gelsomina Vigliotti, referring that producers are facing challenges such as high costs, uncertain demand, slow permitting, supply chain bottlenecks and strong international competition.

Meanwhile, Mauro Micillo, Chief of Intesa Sanpaolo’s IMI Corporate and Investment Banking Division, said: “The energy transition requires significant investments and a virtuous collaboration between public and private stakeholders.”

Attribution: EIB

Subediting: Y.Yasser