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Signature(s)

Amount
€ 500,000,000
Countries
Sector(s)
Italy : € 200,000,000
Spain : € 300,000,000
Credit lines : € 500,000,000
Signature date(s)
31/07/2024 : € 200,000,000
31/07/2024 : € 300,000,000
Link to source

Summary sheet

Release date
15 May 2024
Status
Reference
Signed | 31/07/2024
20230880
Project name
Promoter - financial intermediary
ISP PAN-EU WIND POWER PACKAGE
INTESA SANPAOLO SPA
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 of guarantees 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 aim is to support the European Union's wind energy sector. The lending envelope is a dedicated guarantee programme to allow banks to provide additional guarantees related to supply contracts of wind energy equipment manufacturers in the EU. The envelope is expected to mobilise ca. €8bn of investments into wind power related equipment. The sub-operations will be limited to manufacturing companies with production and/or assembly capacity in the EU for the supply of wind farm and related value chain components (such as grid connectors and transformers) be used in wind energy projects in the EU.

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

Sub-projects need to comply with the EU acquis, in particular in the field of environment, the EIB will require to the final recipients under the new portfolio to take all the requisite measures to ensure that the environment procedures carried out will comply with the relevant EU environment, social and procurement legislation and the applicable national legislation, provided that it is in conformity with EU rules.

Sub-projects need to comply with the EU acquis and the EIB will require to the final recipients under the New Portfolio to take all the requisite measures to ensure that procurement procedures carried out will comply with the relevant EU procurement legislation and the applicable national legislation, provided that it is in conformity with EU rules.

Milestone
Under appraisal
Approved
Signed
27 May 2024
31 July 2024
Related projects
Link to source
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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).

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Alternatively, the EIB can be contacted through its external offices.
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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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