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    The Ukraine conflict sparked an energy crisis that laid bare Europe’s dependency on Russia and on foreign supply of fossil fuels. The ensuing energy crisis shored up public support for transitioning Europe’s economies to green energy, as a way of remedying our energy dependency.

    The European Commission and EU members are working with local authorities and private firms to develop renewable energy sources, roll out energy efficiency measures and upgrade electricity grids to improve their efficiency, reliability, and resilience. This paves the way towards a secure and sustainable source of energy for the European Union and helps meet our climate goals.

    REPowerEU: an ambitious EU plan

    The European Union launched REPowerEU, an ambitious plan to reduce EU dependence on fossil-fuel imports and accelerate the green transition. 

    In October 2022, the EIB announced it is substantially increasing its commitment to supporting the goals of the REPowerEU plan by providing €30 billion in additional financing over the next five years to businesses and public authorities for clean energy.

    REPowerEU+: Boosting our support to sustainable energy

    In July 2023, the EIB increased the financing targets of the original EIB Group commitment by 50% to €45 billion until 2027 under the EIB's REPowerEU+ initiative. This additional financing is expected to mobilise over €150 billion in new green investments, helping Europe cut its carbon emissions to net zero by 2050.

    at a glance

    REPowerEU is an EU plan aimed at reducing Europe's dependence on fossil-fuel and accelerating the transition to green energy. The EIB is providing €45 billion over the next five years, to support the goals of the REPowerEU plan.

    Support for the EU-based wind industry

    The wind energy sector plays a key role in achieving the EU’s renewable energy targets for 2030, requiring a significant scale-up and investment. The EIB approved a €5 billion package to support the EU-based wind industry, catalysing up to €80 billion of investments to manufacture and install the needed components for wind farms. These investments will enable around 32GW of new wind power capacity.

    The European Wind Power Action Plan

    The package supports the goals of the European Commission’s European Wind Power Action Plan that will help maintain a competitive wind energy supply chain. The plan calls on the EIB to de-risk commercial banks active in the wind sector through counter-guarantees. This allows them to issue more of the guarantees needed by wind equipment manufacturers to advance new projects.

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    • The €5 billion package aims to support the EU-based wind energy industry by providing counter-guarantees to banks, allowing them to issue more guarantees needed by manufacturers for new projects.
    • The support is critical to foster job security and creation in the growing renewable energy sector and catalyse €80 billion in wind farm investments enabling around 32GW of newly installed wind power capacity.
    • While historically an EU success story, the wind sector now faces challenges like uncertain demand, slow and complex permitting, and resource and workforce shortages.
    • The European Commission's European Wind Power Action Plan aims to ensure clean energy transition goes with industrial competitiveness through a healthy and competitive wind energy supply chain, a secure project pipeline and a global level playing field.
    • The plan called on the EIB to develop counter-guarantees to de-risk banks active in the wind sector, easing financial strain on wind energy manufacturers caused by an expanding order book and a set of macro-economic challenges.
    • It is estimated that to reach the 45% renewable energy share target by 2030, installed wind capacity will need to increase to approximately 440GW. This is more than double the current capacity of 203GW. Reaching capacity targets would require €600 billion investment.
    • The wind industry is a highly specialised and concentrated business. Only a few manufacturers with production facilities in the EU have the capacity, technology and know-how to manufacture and install the needed components.
    • Without more EIB guarantees, manufacturers could face order limitations shifting production outside the EU, harming competitiveness.
    • The package supports objectives of the European Green Deal, the Net Zero Industry Act, and REPowerEU for clean energy and EU-produced technology.

    Eligibility

    REPowerEU+ supports projects in the following areas:

    • Renewable energy, energy efficiency and grid development
      Expanding and accelerating financing of renewable energy projects, as well as targeted energy and sustainable transport infrastructure such as electricity grids and storage or electric vehicle charging infrastructure.
    • Net-zero technologies and raw materials
      Financing the manufacturing and production of key net-zero infrastructure for strategic green technologies and the extraction, processing and recycling of strategic raw materials crucial for the green transition.
    • Workforce development
      Investments in skills and training for the green transition, including workforce training, support for education systems and higher education institutions.

    Get support

    We work with public and private sector partners to increase investment in energy projects.

    We give direct loans to large companies and big projects. For small projects, we offer loans or other assistance through local banks, which in turn give finance to small firms.

    Our advisory services offer a wide range of assistance to urban and regional development and many other clients who need help finding the right finance or assistance in developing a project correctly.

    For climate projects, we provide innovative finance products that are not easily found in the private sector, and we can provide grants and technical assistance to get projects started.

    REPowerEU in action

    The EIB, a long-standing partner

    Our support to the energy sector

    We finance sustainable energy projects worldwide. We help reduce emissions and energy bills by providing more financing for clean energy and innovative solutions to make the world a cleaner, greener place for future generations.

    Over the past decade, the EIB Group has invested almost €127 billion in the EU's energy sector, enabling Europe to maintain a resilient energy supply. The EIB Group had a record year in 2023 in terms of energy financing volume, providing more than €21 billion for projects in the sector.

     

     

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