Wind industry: agreement with EIB to stimulate up to €8 billion investment
Intesa Sanpaolo and the European Investment Bank (EIB) have agreed on a new initiative that will stimulate up to €8 billion investments in the European wind industry.
The EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, enabling the 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 farms projects across the European Union.
Thanks to a high leverage effect, the deal can stimulate total investments in the real economy of €8 billion.
The deal represents the first transaction supported by InvestEU and the second in general under the scope of the €5 billion EIB Wind Package, namely the investment plan announced at COP 28 in Dubai that aims to support the production of 32 of the 117 gigawatts of wind power capacity needed to enable the European Union to meet its target of generating at least 45% of its energy from renewable sources by 2030.
“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”
Mauro Micillo, Chief of Intesa Sanpaolo's IMI Corporate & Investment Banking Division
The Intesa Sanpaolo Group confirms its role as a driver of innovation and support to corporates and institutions for a sustainable economic development.
Last updated 23 October 2024 at 16:00:07
