The European Investment Bank’s 5 EUR billion initiative could help develop 32 gigawatts (GW) of new wind capacity, advancing the EU’s goal of adding 117 GW of new wind power by 2030.

“Today’s announcement is warmly welcomed. It is an important step in delivering the EU Wind Power Package. There is rapidly growing demand for wind turbines that are “made in Europe”. Improved access to finance and de-risking instruments are central to ensuring Europe’s wind turbine manufacturers can keep up with this demand and ramp up their manufacturing output in line with the EU’s 2030 targets,” said Phil Cole , Director of Industrial Affairs at WindEurope.