- A jointly signed initiative to boost financing for the wind energy sector in the European Union, supporting the transition to net zero and driving innovation in Europe's renewable energy sector.
- Investment in wind energy of up to 8 billion euros will be made possible by combining EIB transaction guarantees with a portfolio of BNP Paribas bank guarantees.
- The agreement between the EIB and BNP Paribas forms part of the EIB's contribution to the European Wind Power Package. It is backed by InvestEU – the EU programme that aims to generate total investment of more than 372 billion euros by 2027.
BNP Paribas has signed an agreement with the European Investment Bank (EIB) that will support the allocation of up to 8 billion euros of financing to wind energy projects across the European Union. The initiative will make it possible to attract significant funds to support new wind farm projects, supply chain efficiency and improved grid interconnections, thereby accelerating the development of wind energy and increasing generation.
Under the agreement, the EIB has extended a guarantee commitment in favour of guarantors worth 500 million euros, giving BNP Paribas the capacity to build a bank guarantee portfolio of 1 billion euros to support new investment in wind farms in the European Union. The knock-on effect of such a guarantee is expected to generate up to 8 billion euros of investment in the real economy.
This agreement falls under the 5 billion euro initiative approved by the EIB in support of the European Wind Power Package adopted by the European Commission in October 2023. The initiative aims to accelerate the roll-out and development of wind energy and to strengthen the competitiveness of Europe's wind energy industry. The programme is designed to support 32 GW of the 117 GW of wind energy capacity that the European Union needs in order to meet its 2030 target of generating at least 45% of its energy from renewable sources. The deal is part of BNP Paribas's long-term commitment to supporting the energy transition by channelling finance towards low-carbon energy, which is set to account for at least 90% of the bank's energy production financing by 2030.
EIB Vice-President Ambroise Fayolle stresses that support for renewable energy is crucial to securing Europe's energy independence: "The guarantees the EIB provides through this financial instrument help to fund essential projects that advance the green transition, support the decarbonisation of the European economy and strengthen industrial competitiveness.”
“BNP Paribas is delighted to strengthen our long-standing relationship with the European Investment Bank, this time in support of Europe's growing wind energy sector,” says Alain Papiasse, Chairman of BNP Paribas Corporate and Institutional Banking. “This partnership reflects our shared commitment to promoting sustainable energy projects that strengthen the European economy while reducing carbon dioxide emissions. By combining our expertise and resources with the EIB's support, we want to help deliver sustainable projects for local communities, businesses and the environment.”
Yannick Jung, Head of Global Banking at BNP Paribas: “We see the EIB's invaluable support in this partnership as a way to accelerate our current strategy for driving the shift towards a low-carbon economic model. By supporting European companies right across the wind energy value chain, we believe our joint efforts will inspire innovation, promote sustainability and help build a more resilient Europe.”
About the EIB
The European Investment Bank (EIB) is the European Union's long-term lending institution, owned by its Member States. It finances investment that helps deliver the EU's policy objectives, promoting digitalisation and technological innovation, security and defence, agriculture and the bioeconomy, social infrastructure, high-impact investment outside the European Union, and the capital markets union.
In 2024 the EIB Group, which also includes the European Investment Fund (EIF), signed agreements worth almost 89 billion euros in new financing for more than 900 projects. This investment is expected to mobilise around 350 billion euros, supporting 400,000 businesses and sustaining 5.8 million jobs.
All projects financed by the EIB Group are aligned with the Paris Climate Agreement. The EIB Group does not finance investment in fossil fuels. Almost 60% of the EIB Group's annual financing goes to projects that directly contribute to climate change mitigation and adaptation, and to fostering a healthier environment.
In 2024 France was the largest recipient of EIB Group financing, with total investment of 12.6 billion euros. Two thirds of this financing went to projects that help mitigate global warming and adapt to its effects.
About BNP Paribas
BNP Paribas is the European Union's leading bank and a key player in international banking. It operates in 63 countries and has almost 183,000 employees, including more than 145,000 in Europe. The Group holds leading positions in three major fields of activity: Commercial, Personal Banking & Services, covering the Group's commercial and personal banking operations and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services, covering savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Building on a diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets – Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial and personal banking model across several Mediterranean countries, Turkey and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas, and solid and fast-growing businesses in Asia-Pacific. BNP Paribas has implemented a corporate social responsibility approach across all its activities, enabling it to contribute to building a sustainable future while ensuring the Group's performance and stability.
About InvestEU and wind energy projects
The InvestEU programme provides the European Union with long-term funding by attracting substantial private and public money in support of a sustainable recovery. It also helps to mobilise private investment for the European Union's strategic priorities, such as the European Green Deal and the digital transition. InvestEU brings together all the EU financial instruments previously available to support investment in the European Union, making the financing of investment projects in Europe simpler, more efficient and more flexible. The programme has three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using an EU budget guarantee of 26.2 billion euros. This budget guarantee will fully back the implementing partners' investment projects, increasing their risk-bearing capacity and thereby mobilising at least 372 billion euros in additional investment.
In October 2023 the European Commission presented the European Wind Power Package to address the specific challenges facing the wind energy sector, including insufficient and uncertain demand, slow and complex permitting procedures, lack of access to raw materials, high inflation and commodity prices, and other problems. In a dedicated https://www.deepl.com/en/%E2%80%9Chttps:/eur-lex.europa.eu/legal-content/EN/TXT/ the Commission set out a series of initiatives on permitting, auction design, skills and access to finance, to ensure that the clean energy transition goes hand in hand with industrial competitiveness and that wind energy remains a European success story. As part of the plan, the European Investment Bank (EIB) launched a 5 billion euro initiative in July 2024 to support wind energy equipment manufacturers in Europe.