(Bloomberg) -- BNP Paribas SA and the European Investment Bank are partnering to create a €1 billion ($1 billion) portfolio of bank guarantees designed to back investments in EU wind farms.
The EIB will provide a €500 million in counter-guarantees as part of the agreement, BNP Paribas said in a press release on Thursday. The “leverage effect” of the deal is expected to stimulate investment of as much as €8 billion in the industry, it said.
This deal is part of BNP Paribas “commitment to supporting the energy transition,” it said. The lender has promised that “low-carbon energy” will account for at least 90% of its financing for energy production by the end of the decade.
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