Germany: EIB co-finances large offshore wind farm in the North Sea with EnBW
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment to contribute towards EU policy goals. The EIB’s activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized businesses, infrastructure and cohesion. The EIB works closely with other EU institutions to foster European integration, promote the development of the European Union and support EU policies in over 140 countries around the world.
EIB and energy security: Over the past decade, the European Investment Bank Group has channelled more than €100 billion into the EU energy sector. These timely investments in energy efficiency, renewables, grids and storage are now helping Member States weather the crisis triggered by the abrupt cut in Russian gas supplies. In October 2022, the EIB’s Board of Directors decided to raise the Group’s clean energy financing volumes in support of the REPowerEU objective of ending Europe’s dependence on Russian fossil fuel imports. An additional €30 billion will be invested over the next five years, on top of the EIB’s already robust support for clean energy. It is estimated that the REPowerEU package will mobilise an additional €115 billion by 2027, thus making a substantial contribution to Europe’s energy independence and the EIB Group’s target to mobilise €1 trillion in climate finance this decade.
Energie Baden-Württemberg AG (EnBW) is one of the largest utility companies in Germany and Europe and employs around 27 000 people. It supplies electricity, gas and water as well as infrastructure and energy-related products and services to around 5.5 million customers. The expansion of renewable energies in Germany and selected foreign markets is a central element of EnBW’s growth strategy. Since the start of its realignment in 2012, EnBW has invested around €6 billion in the expansion of renewable energies. By the end of 2025, EnBW will obtain 50% of its generation portfolio from renewable energies. This is already having a noticeable effect on reducing CO2 emissions. EnBW aims to achieve climate neutrality by 2035.