Erste Group has signed a €200m guarantee framework agreement with the European Investment Bank to accelerate wind energy investments across the EU.
The agreement allows Erste Group to issue bank guarantees backed up to 50% by the EIB, unlocking several hundred million euros for wind projects, the institutions said.
It forms part of an €8bn EU-wide guarantee programme aimed at strengthening the competitiveness of European wind turbine manufacturers.
Karl Nehammer, EIB vice president, said: “Our cooperation with Erste Group sends a clear signal: Europe is serious about building its own wind capacity and keeping value creation and jobs here in Europe.”
Ingo Bleier, chief corporates and markets officer of Erste Group, added: “This initiative is a catalyst for competitiveness and innovation, and we are proud to be the first Austria-based banking group to take this step.”
The EIB and Erste Group said the framework will support trade finance activities and help accelerate wind power development, particularly across Central and Eastern Europe.