The EIB has extended a €500m counter-guarantee to BNP Paribas, enabling the establishment of a €1bn portfolio of bank guarantees. Credit: OleksSH/Shutterstock.

BNP Paribas has agreed with the European Investment Bank (EIB) to stimulate up to €8bn ($8.3bn) in funding for wind energy projects across the European Union (EU).

The initiative will unlock key investments, support new wind farm projects, enhance supply chain efficiency and improve grid interconnections, thereby accelerating development.

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The EIB has extended a €500m counter-guarantee to BNP Paribas, enabling the establishment of a €1bn portfolio of bank guarantees. This will support new investments in EU wind farms.

This counter-guarantee is expected to create a leverage effect, driving up to €8bn in investments within the real economy.

EIB vice-president Ambroise Fayolle stated: “Guarantees, like the ones EIB provides through this new financial instrument, contribute to enable the funding of essential projects that drive the green transition, support the decarbonisation of the European economy, and strengthen industrial competitiveness.”

The agreement is part of a €5bn initiative announced by the EIB in support of the European wind power package presented by the European Commission in October 2023.

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This initiative aims to accelerate wind energy deployment and strengthen the competitiveness of Europe’s wind industry.

The programme aims to contribute 32GW towards the 117GW of wind capacity needed for the EU to reach its goal of sourcing at least 45% of its energy from renewable sources by 2030.

BNP Paribas chairman of corporate and institutional banking Alain Papiasse stated: “BNP Paribas is pleased to reinforce our historic relationship with the European Investment Bank, this time to support the continent’s growing wind energy sector.

“This partnership reflects our mutual commitment to advancing sustainable energy projects that strengthen the continent’s economy while reducing its carbon footprint. By uniting our expertise and resources with the EIB’s pivotal support, we hope to help drive lasting, positive projects for communities, businesses and the environment.

This aligns with BNP Paribas’ commitment to the energy transition, with plans to direct at least 90% of its energy production financing towards low-carbon energy by 2030.