The European Investment Bank (EIB) has approved a €5 billion (£4.3bn) tailored initiative to support wind energy equipment manufacturing companies.
It is part of the EU bank’s contribution to the European Wind Power Package and is designed to further accelerate a “just and swift” transition to net zero while boosting home-grown industrial innovation.
It will provide the financial support to strengthen the provision of commercial bank guarantees for investment by companies across the wind sector.
The guarantees will back investment by companies manufacturing wind energy and grid interconnection equipment as well as key components for the wind sector.
The scheme is expected to support up to €80 billion (£69bn) of new wind energy investment and increase newly-installed wind energy generation capacity by 32GW.
The EIB Board has also agreed €20.4 billion (£17.6bn) in new financing for energy, transport, business, education, water and regional development investment across Europe and around the world.
In addition, it has given the green light for new financing for large-scale offshore wind generation in the North Sea and support for two large-scale solar power plants and small-scale renewable energy projects in Spain.
It also backed investment in the first commercial solar power plant in Kosovo, a new solar scheme in Brazil and the first cross-border electricity interconnection between Tunisia and Italy.
EIB President Werner Hoyer said: “Today’s Board decisions highlight the EU bank’s commitment to deploying the full range of its resources in support of the clean energy revolution.
“Words matter, but they are not enough. We urgently need action and actual results. Climate depends on it and so do Europe’s competitiveness, innovation and energy security. There is no trade off between these goals. On the contrary, we cannot achieve any one of them without pursuing them all.”