The European Investment Bank (EIB) and CaixaBank have signed a guarantee agreement that will enable the Spanish bank to issue up to €150 million in new financing for renewable energy and energy efficiency projects in Spain, mainly, and across Europe. The agreement consists of a de-linked risk sharing operation in the form of an EIB investment of up to €150 million, committing CaixaBank to finance projects worth this amount.

The eligible projects will include renewable energy (mostly solar plants and onshore wind farms, with the option to extend to offshore), energy-efficient buildings (including affordable housing, student accommodation, elderly care centres and logistic centres) and other energy efficiency renovation activities.

This operation is in line with the EIB’s sustainable energy and natural resources public policy goal and its climate action and environmental sustainability cross-cutting objective. The transaction also contributes to the REPowerEU plan’s goal of increasing energy security and reducing EU dependence on fossil fuel imports, as well as to the European Wind Power Package, towards which the EIB has recently contributed with a €5 billion tailored initiative designed to further accelerate a just and swift transition to net zero by supporting wind energy equipment manufacturing companies.

Around half of the investments are expected to take place in less developed regions, where per capita income is less than 75% of the EU average, underlining the EIB’s commitment to support the strengthening of the European Union’s economic, social and territorial cohesion.