The European Investment Bank (EIB) has announced a framework loan of EUR 100 million to Deutsche Kreditbank (DKB) to support onshore wind and solar photovoltaic projects in Germany, as disclosed by the EIB on Thursday.
With additional loans, DKB is expected to allocate at least EUR 200 million to green energy initiatives. These investments are projected to result in the development of new renewable capacity totaling 171 megawatts (MW), generating approximately 350 gigawatt-hours (GWh) of electricity annually.
DKB will focus on supporting small and medium-sized projects with investment costs of up to EUR 50 million, with half of the EIB's lending intended for onshore wind parks and the other half for solar projects.
This agreement marks the first renewable energy-focused deal between the EIB and DKB. The initiative aligns with the European Commission's REPowerEU plan, which aims to accelerate the deployment of renewable energy sources across the European Union.
DKB, a subsidiary of German regional bank BayernLB, has been actively financing renewable energy projects for more than three decades. As of June 30, 2023, its total assets amounted to EUR 118 billion.
“The partnership between EIB and DKB represents a significant step towards advancing renewable energy projects in Germany, contributing to the country's energy transition goals and aligning with EU-wide efforts to promote sustainable energy sources,” commented a representative from the EIB.
