BNP Paribas has signed an agreement with the European Investment Bank (EIB) to drive up to €8 billion ($8.4 billion) in investments for wind energy projects across the European Union. The initiative aims to accelerate wind farm development, improve supply chain efficiency, and enhance grid interconnections, strengthening Europe’s renewable energy sector.
Under the agreement, the EIB has provided a €500 million ($521 million) counter-guarantee, enabling BNP Paribas to establish a €1 billion ($1.04 billion) portfolio of bank guarantees to support new wind energy investments. This financial mechanism is expected to stimulate significant private-sector investment, further advancing the EU’s clean energy transition.
The collaboration is part of a €5 billion ($5.2 billion) programme announced by the EIB to support the European Wind Power Package, introduced by the European Commission in October 2023. The initiative is designed to facilitate the installation of 32 GW of wind capacity, contributing to the 117 GW required for the EU to meet its target of sourcing at least 45% of its energy from renewables by 2030.
EIB Vice-President Ambroise Fayolle highlighted the importance of financial backing for renewable energy, “Guarantees like the ones provided by the EIB through this new financial instrument help secure funding for essential projects that drive the green transition, support the decarbonisation of the European economy, and enhance industrial competitiveness.”
BNP Paribas has reinforced its commitment to financing low-carbon energy, with at least 90% of its energy production financing directed towards renewables by 2030.
Alain Papiasse, chairman of Corporate and Institutional Banking at BNP Paribas, emphasised the significance of the partnership, “This collaboration reflects our shared commitment to advancing sustainable energy projects that strengthen Europe’s economy while reducing its carbon footprint. By combining our resources with the EIB’s support, we aim to drive long-term, positive change for businesses, communities, and the environment.”
Yannick Jung, head of Global Banking at BNP Paribas, added, “With the EIB’s support, we are accelerating our strategy to facilitate the transition to a low-carbon economy. By backing European companies along the wind energy value chain, we hope to foster innovation, sustainability, and a more resilient Europe.”
