The European Investment Bank (EIB) and Societe Generale have agreed on a new initiative which has the potential to unlock investment of up to €8 billion to support wind energy manufacturers in Europe.
The EIB will provide a €500 million counter-guarantee to Societe Generale, that the Bank will use to create a portfolio of bank guarantees of up to €1 billion.
These guarantees will back new wind farm projects across the European Union as well as their supply chain and power grid interconnection. The leverage effect of the EIB counter-guarantee is expected to mobilise additional funding from other investors to support increasing production and accelerate wind energy development, helping to stimulate investment in the real economy.
The deal forms part of the EIB’s €5 billion wind power package, an investment plan announced by the EIB at COP28 in 2023, and activated in July and October 2024, in Germany and Italy respectively. The EIB wind-focused programme aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030. It is a key element of the European Wind Power Package, in particular its Action Plan, presented by the European Commission in October 2023.
