Crédit Agricole CIB, the corporate and investment banking arm of Crédit Agricole Group, and the European Investment Bank (EIB) announced the launch of a new strategic agreement aimed at supporting wind energy development in Europe through the mobilization of up to €8 billion of capital for in investments in the sector.
Under the new joint initiative, the EIB will provide a €500 million counter-guarantee, enabling Crédit Agricole CIB to build a portfolio of bank guarantees worth up to €1 billion on behalf of its customers, supporting new wind farm investments across the EU.
The new agreement is expected to catalyze private capital from other institutions and banking partners, driving the development of European wind energy and providing Crédit Agricole CIB’s customers with a range of solutions to support their transition efforts. According to the EIB, the leverage-effect of its counter-guarantee is expected to trigger up to €8 billion in real economy investment.
The new agreement follows the recent launch by Crédit Agricole of a series of new sustainable finance commitments and goals, including a new target to achieve a 90/10 green-brown ratio by 2028, with every euro of financing facilitated for fossil fuels matched with 9 euros for low carbon energy. Crédit Agricole also announced new targets to facilitate €240 billion in transition financing by the end of 2028, as well as to reach €1 billion in sustainable finance revenues in corporate and investment banking.
Crédit Agricole CIB CEO Jean-François Balaÿ said:
“Signing this framework agreement with the European Investment Bank marks a strategic milestone for Crédit Agricole CIB, reinforcing our role as a key partner in driving major energy transitions across Europe. This collaboration strengthens our ability to support transformative wind sector projects and deliver a tangible impact in the development of sustainable infrastructure.”
The new agreement forms part of the EIB’s €6.5 billion initiative to support the European Wind Power Package, launched by the EU Commission in 2023, aimed at accelerating the deployment of wind power and strengthen the sector’s competitiveness across Europe, with a target to add 32 GW of wind generation capacity by 2030.
EIB Vice-President Ambroise Fayolle said:
“Renewable energy, including wind power, is vital for Europe to secure decarbonised, locally produced energy. As the EU climate bank, the EIB has allocated €6.5 billion to the wind power industry. This agreement with Crédit Agricole CIB on risk-sharing instruments will accelerate the transition to carbon neutrality while strengthening Europe’s industrial base for greater resilience, cost-efficiency and strategic autonomy.”
