The European Investment Bank (EIB) has announced it will provide a €500m counter-guarantee to Deutsche Bank aimed at boosting Europe’s wind turbine manufacturing industry.
The announcement marks the first tranche activated under the EIB’s €5bn counter-guarantee scheme which constitutes the Bank’s key contribution under the EU Wind Power Package.
The counter-guarantees will improve access to finance for wind turbine manufacturers, providing them with the support they need to help boost Europe’s energy security and competitiveness, EIB said.
In October 2023 the European Commission presented its Wind Power Action Planwhich outlined 15 immediate actions to strengthen the competitiveness of Europe’s wind industry.
Four of those 15 action points were aimed at improving the wind industry’s access to finance.
As a key measure, the European Investment Bank (EIB) has set up a €5bn counter guarantee facility to support supply chain investments. Today the EIB announced the first application of this scheme.
The EIB has reached a €500m counter-guarantee deal with Germany’s Deutsche Bank to boost Europe’s wind turbine manufacturing industry.
The agreement to support the supply chain forms part of a portfolio of up to €1bn of counter-guarantees for the supply chain and investments in wind farms that Deutsche Bank will use to support the wind industry.
The EIB estimates that this will trigger additional private investments of up to €8bn.
Phil Cole, director of industrial affairs at WindEurope, said: “Today’s announcement is warmly welcomed. It is an important step in delivering the EU Wind Power Package.
“There is rapidly growing demand for wind turbines that are ‘made in Europe’. Improved access to finance and de-risking instruments are central to ensuring Europe’s wind turbine manufacturers can keep up with this demand and ramp up their manufacturing output in line with the EU’s 2030 targets.
“We thank the EIB for their fast and efficient implementation of the new counter-guarantee facility and look forward to seeing more deals like the one agreed with Deutsche Bank today in the near future.
“The EIB’s support will continue to strengthen Europe’s wind energy manufacturing industry and ensure that we can deliver the wind energy volumes that Europe needs.”