BAKU, Azerbaijan, January 16. The European Investment Bank (EIB) and Societe Generale have announced a new initiative aimed at unlocking up to 8 billion euros in investments to support wind energy development across Europe, Trend reports.
Central to the agreement is a 500 million euro counter-guarantee from the EIB, which Societe Generale will use to establish a 1 billion euro portfolio of bank guarantees for wind energy projects.
The guarantees will support the development of new wind farms, strengthen supply chains, and improve power grid connections across the European Union. The initiative is expected to attract additional investment from other stakeholders, accelerating production and fostering growth in the renewable energy sector.
This collaboration is part of the EIB’s 5 billion euro wind power package, a program unveiled at COP28 in 2023 to help the EU achieve its target of generating 45% of energy from renewable sources by 2030. The program aims to facilitate the production of 32 GW of wind energy, a key component of the EU’s broader goal of reaching 117 GW of wind capacity.
EIB Vice-President Ambroise Fayolle highlighted the strategic importance of the initiative: “Wind energy is crucial for Europe’s energy independence, but the sector faces challenges like high costs, supply chain disruptions, and global competition. This agreement demonstrates how the EIB’s risk-sharing tools can address these hurdles, driving Europe’s green transition and enhancing industrial competitiveness.”
Anne-Christine Champion, Co-Head of Global Banking & Investor Solutions at Societe Generale, underscored the collaborative nature of the initiative: “Adapting our economies to meet climate goals requires unprecedented investment. While Europe has been a leader in wind energy, the supply chain still faces challenges. This partnership showcases how public and private stakeholders can work together to advance a sustainable energy transition.”
By leveraging innovative financing solutions, the EIB and Societe Generale are paving the way for accelerated growth in the wind energy sector, reinforcing Europe’s leadership in renewable energy and supporting its ambitious climate goals.