BAKU, Azerbaijan, December 12. The European Investment Bank (EIB) has extended a 500 million euro counter-guarantee to German Commerzbank AG, Trend reports.
According to the bank, this deal is part of the EIB’s 5 billion euro initiative designed to help manufacturers of wind-energy equipment and facilitate investment in new wind farms across the EU. With this counter-guarantee, Commerzbank will be able to offer up to 1 billion euros in banking guarantees for wind-energy projects.
This transaction marks the second operation in Germany under the EIB's December 2023 plan to enhance the provision of commercial bank guarantees for the European wind industry.
The EIB’s Vice-President, Nicola Beer, emphasized that the cooperation with Commerzbank aims to strengthen the European wind energy supply chain, supporting jobs and promoting decarbonization through innovation.
Commerzbank will use the EIB’s backing to provide banking guarantees to wind-energy manufacturers, enabling them to secure advance payments and performance guarantees for projects, including wind turbines and associated infrastructure like grid connections and transformer stations. The 1 billion euro guarantee facility is expected to catalyze up to 8 billion euros in private investment.
Wind energy is vital for the EU’s renewable energy goals, with the EIB’s initiative expected to contribute to the construction of 32 GW of wind capacity, a key component of the EU’s target of 45% renewable energy by 2030.