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News Flash: European Investment Bank Puts €5B Towards Wind Energy

As COP28 begins in Dubai, there are big investments in wind energy around the world. The European Investment Bank is backing wind energy with €5B to promote European-based wind manufacturing and development. In the U.S., Leeward Renewable Energy is using $580M for a wind and solar project. RWE and Masdar join forces for the 3GW Dogger Bank SouthWind Farm which will power 3 million homes.

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The European Investment Bank has pledged 5 billion euros in guarantees to support Europe’s struggling wind energy sector. Costs are soaring for turbine manufacturers as they face stiff competition from China. Back in 2022, the EU had a negative trade balance of over 400 million euros with China. In the wind sector, Chinese wind turbine prices are roughly 20% lower than those in Europe and the United States.

The European Investment Bank funding should help companies secure more contracts and boost growth. It even extends support to international firms like GE, which have Europe based subsidiaries.

Leeward Renewable Energy has secured $580 million to fund two lean energy projects in the U. S. The funds come in the form of tax equity commitments.

That money will help build a 179 megawatt solar farm in Arizona. It will also repower an 80 megawatt Illinois wind farm by upgrading the turbines. Construction has begun on the Arizona project, while the Illinois wind farm upgrades are expected to go live in December.

A massive new offshore wind project is coming to the U.K. German company RWE and UAE firm Masdar will develop The three Gigawatt Dogger Bank, south Wind Farm off the British Coast. Dogger Bank South would generate enough clean electricity for 3 million homes with RWE holding 51% and Masdar 49% Construction could begin in 2025 for first operations by 2029. The partners call it their largest ever renewable energy collaboration boosting UK and global climate goals.

News Flash: European Investment Bank Puts €5B Towards Wind Energy