It forms part of the EIB's €5 billion wind power package, an investment plan announced by the EU bank at COP28 in Dubai and activated in July, and it is the first agreement under this package supported by InvestEU.
It follows a similar initiative between the EIB and Germany-based Deutsche Bank AG. The EIB wind-focused program aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030. It is a key element of the European Wind Power Package, in particular its Action Plan, presented by the European Commission in October 2023.
In concrete terms, the EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, enabling the Italian bank to create a portfolio of bank guarantees of up to €1 billion. These will back the supply chain and power grid interconnection for new wind farm projects across the European Union. The leverage effect of the EIB counter-guarantee is expected to mobilize additional funding from other investors to support increasing production and accelerating wind energy development, helping to stimulate an estimated €8 billion of investment in the real economy.
“Wind energy is central to European energy independence,” said EIB Vice-President Gelsomina Vigliotti. “Producers are facing challenges such as high costs, uncertain demand, slow permitting, supply chain bottlenecks, and strong international competition. This agreement shows how the EIB's risk-sharing instruments help overcome these difficulties and finance key projects for the green transition and the decarbonization of the European economy while enhancing industrial competitiveness.”
Mauro Micillo, Chief of Intesa Sanpaolo's IMI Corporate & Investment Banking Division, commented: “The energy transition requires significant investments and a virtuous collaboration between public and private stakeholders. In this context, the development of renewable energies is one of the key objectives of the green strategies at the national and European levels. Thanks to many years of collaboration with the EIB, the IMI CIB Division of Intesa Sanpaolo has developed innovative instruments aimed at supporting large international groups' infrastructure investments, including interconnections and electricity grids, enabling strategic sustainable projects in Europe. The recent transactions enhance our support for the entire wind energy supply chain, with a focus on ESG goals, in collaboration with our clients and the European institutions. The Intesa Sanpaolo Group thus confirms its role as a driver of innovation and its support to corporates and institutions for sustainable economic development.”
European Commissioner for the Economy Paolo Gentiloni said: “This agreement marks another important step in Europe's efforts to support the wind power manufacturing sector. Amid global uncertainty, the InvestEU program is mobilizing crucial investments where they are most needed. With €8 billion in investments flowing into the real economy, we are reinforcing our commitment to achieving climate neutrality and energy independence, while contributing to economic growth and job creation.”
Commissioner for Energy Kadri Simson said: “Ensuring that the European wind manufacturing sector remains a strong power player is key to achieving our clean energy and climate goals and keeping our industry competitive. I welcome this further initiative of the EIB with Intesa Sanpaolo. It will help deliver our European Wind Power Package by unlocking investments in this crucial sector for the green transition.”
