EIB and NordLB sign agreement to support renewable energy projects in EU countries – EQ
In Short : The European Investment Bank (EIB) and NordLB (Norddeutsche Landesbank) signing an agreement indicates a collaborative effort to support renewable energy projects in European Union (EU) countries. This partnership likely involves financial support and expertise to promote the development and implementation of sustainable and clean energy initiatives across the EU region.
In Detail : The European Investment Bank (EIB) and Norddeutsche Landesbank Girozentrale have signed an agreement to support renewable energy projects in EU countries. The €250 million in financing will be used to back solar photovoltaic investment, onshore wind and battery projects in several EU Member States, in particular Poland, Denmark and Sweden.
The operation will contribute to the objectives of the REPowerEU plan by rolling out clean energy capacity to support the European Union’s energy independence and security of supply. Speeding up the green transition and promoting investment in renewable energy is one of the priorities of the REPowerEU plan, which is also promoted and supported by the EIB Group.
A larger number of projects are expected to be developed in cohesion regions in Poland and non-euro area countries and they will mostly consist of onshore wind farms, solar photovoltaic projects and battery storage. As such, the investments will promote sustainable growth in EU regions where per capita income is lower, thus highlighting the EIB’s commitment to territorial and social cohesion.
The EU bank is deeply involved in supporting the energy transition. Last year alone, the EIB signed €20.86 billion in new financing for sustainable energy projects globally, which included €996 million committed in Poland, €49 million in Denmark and €389 million in Sweden. The EIB Group’s goal is to support €1 trillion in climate and sustainability investment in the decade to 2030 and to commit at least half of its annual financing volumes for this purpose.
EIB Vice-President Teresa Czerwińska said: “Transforming the energy sector in EU countries is the top priority for the EIB. We welcome NordLB’s new, multi-country initiative to support renewable energy projects as they will strengthen the European Union’s energy diversification, sustainability and independence.”
Heiko Ludwig, Global Head Structured Finance at NordLB, added: “Our cooperation with the EIB is widening our funding base and giving us access to promotional loans supporting the green transition. Working with the EIB to support the energy transition also underlines our role as one of Europe’s leading banks in the renewable energy sector.”
NordLB is one of Germany’s Landesbanken, which are part of the nationwide Sparkassen Group. It is a trusted EIB partner with long-term experience in financing renewable energy plants.