The European Investment Bank (EIB) has announced a €500 million counter-guarantee agreement with Deutsche Bank to bolster Europe's wind turbine manufacturing industry. This move marks the first activation under the EIB's €5 billion counter-guarantee scheme, a significant component of the EU Wind Power Package.
The EIB's counter-guarantees aim to enhance access to finance for wind turbine manufacturers, thereby supporting efforts to strengthen Europe's energy security and competitiveness. This initiative aligns with the European Commission's Wind Power Action Plan, presented in October 2023, which outlines 15 immediate actions to fortify the competitiveness of Europe's wind industry. Four of these actions specifically focus on improving access to finance for the wind sector.
Today's agreement with Deutsche Bank is part of a portfolio of up to €1 billion in counter-guarantees for the supply chain and investments in wind farms. The EIB estimates that this move will catalyze additional private investments of up to €8 billion.
Phil Cole, director of industrial affairs at WindEurope, welcomed the announcement, stating, “Today's announcement is warmly welcomed. It is an important step in delivering the EU Wind Power Package.” Cole emphasized the growing demand for wind turbines made in Europe and the necessity of improved access to finance and de-risking instruments to meet this demand and achieve the EU's 2030 targets.
The EIB's support is expected to significantly bolster Europe's wind energy manufacturing industry, ensuring the delivery of necessary wind energy volumes to meet the continent's needs.
