Agreement with EIB: €1 billion to support the European wind energy sector
Thanks to a new agreement with the European Investment Bank (EIB), Intesa Sanpaolo will make available €1 billion in credit lines to companies that specialise in wind power plants and that supply and install systems to interconnect such plants to European power grids, drawing on €500 million in EIB guarantees.
The programme supports the wind power industry at an important time for the green transition in Europe, to defend the competitiveness of European plant builders, often limited in terms of credit and guarantees.
Through the counter-guarantee mechanism, Intesa Sanpaolo's loans will support the guarantees required by companies that secure public works contracts. In fact, in order to start work and collect the advance payments stipulated in their contracts, such companies must provide a performance bond to guarantee construction.
"The Intesa Sanpaolo Group confirms its role a driver of innovation in the dialogue between the public and private sectors by supporting economic and industrial development at a national and international level. Thanks to its long-standing cooperation with the EIB, the IMI CIB Division has developed an innovative instrument to support large infrastructure players, with a focus on sustainability. The counter-guarantee mechanism makes it possible to promptly facilitate the start-up of public works and the construction of strategic infrastructure. This programme is part of an ongoing process to support NRRP projects in Italy and is also strategic at the European level for its support for the energy transition and the renewable energy sector"
Mauro Micillo, Chief of Intesa Sanpaolo's IMI Corporate & Investment Banking Division
Over the past five years, Intesa Sanpaolo and the EIB have closed 15 transactions worth almost €2.4 billion, supporting access to credit for SMEs and mid-caps for over €4.5 billion, as well as the implementation of major infrastructure projects, including:
Last updated 24 June 2024 at 16:20:35
