Brussels – The European wind industry will benefit from the collaboration between the European Investment Bank (EIB) and the Intesa Sanpaolo Group: the new initiative will help unlock 8 billion euros of investment in the sector into the real economy.
“This agreement marks another important step in Europe’s efforts to support the wind power manufacturing sector. Amid global uncertainty, the InvestEU program is mobilizing crucial investments where they are most needed,” said the European Commissioner for the Economy Paolo Gentiloni. “With 8 billion euros of investment flowing into the real economy, we are reinforcing our commitment to achieve climate neutrality and energy independence while contributing to economic growth and job creation.”
To succeed in stimulating these investments, the deal includes a €500 million EIB counter-guarantee, which will enable Intesa Sanpaolo to create a portfolio of bank guarantees of up to one billion. “This agreement shows how the EIB’s risk-sharing instruments help overcome these difficulties and finance key projects for the green transition and the decarbonization of the European economy,” said Gelsomina Vigliotti, EIB Vice-President.
It is the first agreement supported by InvestEu and the second transaction under the EIB’s 5 billion Wind Package. The InvestEu program provides the EU with long-term financing for sustainable recovery by mobilizing private investment for European priorities. For the Wind Package, an investment plan announced at Cop28 in Dubai, having additional investment will contribute to the goal of producing at least 45 percent of energy from renewable sources by 2030.
“Wind power is central to European energy independence,” Vigliotti added. Also along the same lines was Mauro Micillo, head of the Imi Corporate & Investment Banking division of Intesa Sanpaolo: “The energy transition requires significant investments and a virtuous collaboration between public and private stakeholders. In this context, the development of renewable energies is one of the key objectives of the green strategies at national and European level.”
English version by the Translation Service of Withub
