BAKU, Azerbaijan, September 10. The European Investment Bank (EIB) and Danske Bank have signed an agreement under which the EIB will provide up to €250 million in guarantees to support the European wind energy industry.
EIB said that the guarantee will enable Danske Bank to expand its portfolio of bank guarantees for manufacturers producing and delivering equipment for new wind farms. The EIB-backed risk-sharing arrangement is expected to allow Danske Bank to provide up to €500 million in guarantees to the European wind sector, helping mobilize additional private investment.
Bank guarantees are a key requirement for commercial agreements involving large wind projects, as equipment manufacturers typically need to provide guarantees to buyers before starting production or delivering turbines and other equipment.
“Europe needs more renewable energy and a strong European industry capable of providing it,” said EIB Vice-President Ioannis Tsakiris.
“Together with Danske Bank, we are helping wind manufacturers secure the financing they need to grow, innovate and deliver new projects,” he added, noting that supporting the European wind industry would strengthen the clean-energy supply chain and energy security.
EU-based companies account for around 20% of the global wind market, while wind power generates about one-fifth of electricity in the EU on average. Denmark has the highest share, at around 60%.
The agreement is the EIB’s first transaction of this type with a financial intermediary in the Nordic region under the EU’s 2023 Wind Power Package, which aims to accelerate wind energy deployment and strengthen the competitiveness of European manufacturers.
“Scaling wind energy requires significant investment, resilient supply chains and practical financing solutions, including guarantees that enable manufacturers to take on new orders and deliver critical equipment,” said Samu Slotte, Head of Sustainable Finance at Danske Bank.
He said Danske Bank, with its experience in Denmark’s wind sector, could work with the EIB to help expand renewable energy capacity across Europe.
Backed by the InvestEU programme, the operation also supports the EU’s REPowerEU initiative, which seeks to reduce dependence on imported fossil fuels and accelerate the deployment of renewable energy.
Europe needs to add 117 gigawatts (GW) of wind power capacity to meet the EU’s target of a 45% renewable energy share by 2030. The EIB is supporting this expansion through its €6.5 billion European Wind Power Package, which is expected to facilitate the development of 32 GW of new wind capacity.
In March 2026, the Council formally adopted the amended European climate law, introducing a binding intermediate climate target, for 2040, of a 90% reduction in net greenhouse gas (GHG) emissions compared to 1990 levels. This new target strengthens the EU’s path towards achieving climate neutrality by 2050 across all sectors of the economy.
From 2036 onwards, high-quality international credits may be used up to a limit of 5% of 1990 EU net emissions to make an adequate contribution towards the 2040 target in a way that is both ambitious and cost-efficient. This means that at least 85% of emissions reductions must be achieved within the EU. Credits must be based on credible activities of GHG reduction in partner countries, in line with the Paris agreement.
