Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

EIB and Societe Generale Partner to Unlock €8bn Investment for Wind Energy Manufacturing in Europe

Credit:Waldermar Brandt/Unsplash

The European Investment Bank (EIB) and Societe Generale have announced a new partnership aimed at unlocking up to €8 billion in investments to support manufacturers across . The initiative, designed to bolster projects and their associated supply chains and power grid connections, will see the EIB provide a €500 million counter-guarantee to Societe Generale. This will allow the bank to create a portfolio of bank guarantees amounting to €1 billion.

The leverage effect of the EIB counter-guarantee is expected to attract additional funding from other investors, ultimately helping to increase production and accelerate the development of wind energy across the . The initiative is seen as a key driver of investment in Europe's green transition, stimulating the real economy and supporting the continent's goals.

The agreement is part of the EIB's €5 billion wind power package, which was first announced at COP28 in 2023. The package is already active in Germany and Italy, where it was launched in 2024. The EIB's wind-focused programme aims to support the production of 32GW of the 117GW of wind capacity required for the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030.

Ambroise Fayolle, EIB Vice-President, emphasized the importance of wind energy in Europe's energy strategy, stating: “Wind energy plays a pivotal role in achieving Europe's energy independence. However, producers are currently navigating significant challenges, including elevated costs, fluctuating demand, lengthy permitting processes, supply chain disruptions, and intense global competition. This agreement underscores the effectiveness of the EIB's risk-sharing instruments in addressing these obstacles, enabling the funding of essential projects that drive the green transition, support the decarbonization of the European economy, and strengthen industrial competitiveness.

Anne-Christine Champion, co-head of global banking & investor solutions at Societe Generale, noted the critical need for investment in the sector, saying: “The breadth and speed of investment needed to adapt our economies have never been seen before. While the wind-power sector has been a European success story to date, challenges remain within the supply chain. Societe Generale is investing in the future with the development of innovative solutions and partnerships, and this agreement with the EIB shows how public and private stakeholders can collaborate to support a positive and sustainable energy transition.

The partnership between the EIB and Societe Generale is seen as an important step towards meeting Europe's ambitious renewable energy targets and supporting the long-term growth of the wind power sector.

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use