EIB, Societe Generale Partner to Unlock €8 Billion Investment in European Wind Energy Sector
- Investment Amplification: €500M EIB counter-guarantee to Societe Generale to catalyze €8B in wind energy investments across Europe.
- Strategic Green Transition: Supports the EU’s 2030 goal of generating 45% renewable energy and producing 32GW of wind capacity.
- Public-Private Collaboration: Demonstrates effective partnerships to address supply chain challenges and boost industrial competitiveness.
The European Investment Bank (EIB) and Societe Generale have announced an unprecedented collaboration to unlock €8 billion in investment for Europe’s wind industry. Central to this initiative is a €500 million EIB counter-guarantee, enabling Societe Generale to create a €1 billion portfolio of bank guarantees that will stimulate the real economy.
These guarantees will back wind farm projects across the EU, focusing on manufacturing, supply chains, and power grid interconnection. The effort is part of the EIB’s €5 billion wind power package, introduced at COP28 in 2023, to support Europe’s energy independence and green energy transition.
“Wind energy plays a pivotal role in achieving Europe’s energy independence,” said EIB Vice-President Ambroise Fayolle. “This agreement underscores the effectiveness of the EIB’s risk-sharing instruments in addressing elevated costs, fluctuating demand, and intense global competition. It ensures funding for projects that decarbonize the economy and strengthen industrial competitiveness.”
The leverage effect of the EIB counter-guarantee is expected to attract additional investors, bolstering wind energy development at a critical time. The European Commission’s October 2023 Action Plan targets 32GW of the 117GW of wind capacity needed for the EU to meet its renewable energy targets by 2030.
Related Article: EIB and Deutsche Bank Launch €5 Billion Wind Energy Initiative
Anne-Christine Champion, Co-Head of Global Banking & Investor Solutions at Societe Generale, noted, “The breadth and speed of investment needed to adapt our economies have never been seen before. Societe Generale is investing in the future with innovative solutions and partnerships. This agreement demonstrates how public and private stakeholders can collaborate to drive a sustainable energy transition.”
Supported by the EU’s InvestEU program, which aims to mobilize over €372 billion by 2027.
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