The European Investment Bank (EIB) and Haizea Wind Group, a Spanish company specialising in the manufacture of components for the wind energy sector, have signed a €35 million green loan.

The loan will enable Haizea to implement advanced manufacturing technologies, automate and digitalise processes and move forward with research and development applied to the manufacture and assembly of large metal structures for wind turbines such as wind towers, monopile foundations and offshore wind park transition pieces.

The project reinforces the EIB’s role as the EU Climate Bank, backs the development of a major renewable energy technology and the international competitiveness of Europe’s offshore wind industry, and strengthens the European supply chain for renewable energy.

“Loans like the one we are signing with Haizea today reflect the EIB’s commitment to innovation and the development of renewable energy technologies enabling us to move forward with the energy transition and strengthening the competitiveness of our companies,” said EIB Director of Operations for Spain and Portugal Gilles Badot. “A robust renewable technology manufacturing sector is vital to guaranteeing the European Union’s energy security and autonomy.”

This loan is part of the EIB’s innovation support and falls under its cross-cutting climate action and environmental sustainability priority. Given Haizea’s role as an equipment and structures provider to the energy sector, the operation also contributes to the REPowerEU plan’s goal of increasing energy security and reducing EU dependence on fossil fuel imports. This loan is backed by the InvestEU programme to mobilise public and private sector funds in support of EU policy goals.

Haizea Wind Group Finance Director Alvaro Quintana added: “The signing of this loan with the EIB is part of Haizea Wind Group’s goal of helping its clients work towards a more sustainable economy by supplying large metal pieces like towers, transition pieces and large-diameter monopiles – currently key parts of the offshore wind power supply chain to achieve the green transition. The trust the EIB has shown by signing with us this green loan will enable us to implement advanced manufacturing technologies and move forward with research and development applied to the manufacture and assembly of large metal structures for wind turbines.”

The EIB and energy security

In 2023, the EIB Group provided more than €21 billion in financing for energy security in Europe. In the same year, it allocated €4.5 billion to this goal in Spain, financing projects in areas including renewable energy, energy efficiency, power grids and storage systems. These investments are helping Europe speed up its transition to sustainable energy and reduce its reliance on fossil fuel imports.

In July 2023, the EIB Board of Directors raised the amount earmarked for REPowerEU projects to €45 billion. REPowerEU is the plan designed to end Europe’s dependence on fossil fuel imports. To boost financing for the EU manufacturing industry, the EIB will also expand the range of eligible sectors to include leading strategic technologies with net-zero carbon emissions, as well as extraction, processing and recycling of critical raw materials. The additional financing will be disbursed between now and 2027. In total, it is expected to mobilise more than €150 billion in investment in the target sectors.

Bank is supporting Akfen Renewables with a combination of debt and equity.

The first of four new wind farms in Turkey built by the renewable energy arm of the Turkish conglomerate Akfen Holding and financed by the EBRD has gone into operation. It will meet the electricity demand of 120,000 consumers annually.  

The EBRD is supporting Akfen Renewables with loans and equity. The Bank became a shareholder in the company in 2015 and also provided a financing package of US$102 million to the company in September 2018 for the construction of four windfarms and nine solar projects.

The 26 MW Kocalar wind farm became operational last Friday. Three more windfarms, the  99MW Üçpinar and 51MW Hasanoba projects in the north-western province of Çanakkale, and the 66MW Denizli site in south-western Turkey are due to come on stream between June and October 2019.

Kayril Karabeyoglu, the general manager of Akfen Renewables, said: “Canakkale is one of the highest wind potential areas in Turkey. The Kocalar wind plant will generate 60,000 megawatt-hours of electricity per year and prevent 48,000 tons of CO2 emissions.”

The EBRD is committed to supporting the shift to low carbon economies in the countries where it invests. In Turkey it has provided – directly and through local banks – loans of nearly €2 billion for projects with value of €9 billion and 2.9 GW installed capacity, or 13 per cent of the overall installed renewable capacity in Turkey.