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Signature(s)

Amount
€ 500,000,000
Countries
Sector(s)
Denmark : € 100,000,000
Germany : € 400,000,000
Credit lines : € 500,000,000
Signature date(s)
11/12/2024 : € 100,000,000
11/12/2024 : € 400,000,000

Summary sheet

Release date
18 December 2024
Status
Reference
Signed | 11/12/2024
20230833
Project name
Promoter - financial intermediary
COMMERZBANK PAN-EU WIND POWER PACKAGE RS
COMMERZBANK AG
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 500 million
EUR 8000 million
Location
Sector(s)
Description
Objectives

The project will be implemented as an unfunded partial delegation linked risk sharing ("LRS") transaction with the financial intermediary, supporting it in providing certain types (see below) of guarantees (the "Bonds") in relation to the obligations of manufacturing companies (Original Equipment Manufacturers or "OEMs") for the supply of wind farm and the related wind value chain components (such as turbines, grid connection's infrastructure, cables, transformer stations, sub-stations and possibly sub-contractors).

The lending envelope consists of sub-operations in the form of partial delegation linked risk sharing with acceptable financial intermediaries, which support the EU Green Deal objectives and REPowerEU plan.

Additionality and Impact

The operation will contribute to the InvestEU objective of developing the energy sector.

 

The ambitious policy decarbonisation targets set in the 2030 require significant investment in renewable energy production capacity, notably in onshore and offshore wind energy infrastructure in Europe. This in turn requires a scale up of the supply chain manufacturing industry and ability to deliver components, services, and materials in a timely manner. It also requires an increased access to advance payment and performance guarantee lines for the OEMs, in a context of financial pressure (growing order books and challenges from rising inflation and interest rates) and with commercial banks reaching their exposure concentration limits vis-a-vis OEMs. The current situation in the guarantee market for wind projects is exacerbated by the relatively limited number of EU commercial banks providing such demanded guarantees in Europe.

 

The operation, by specifically addressing the increasing bottleneck associated with the provision of guarantees to OEMs, will enable the activation of under-utilised already installed strategic Net-Zero technology manufacturing capacity of wind energy OEM suppliers in Europe, which would otherwise go idle and potentially be lost in part. This enabling effect will help support the proper functioning and access to finance of the entire wind-energy supply chain and will, in turn, contribute to deploy additional renewable energy generation capacity that will eventually be installed in Europe.

 

The operation  would not have been carried out (to the same extent) by the EIB without the InvestEU support.


Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
12 April 2024
11 December 2024
Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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