Berlin-based lender Deutsche Kreditbank (DKB) will be granted a framework loan of EUR 100 million (USD 108.2m) from the European Investment Bank (EIB) to support onshore wind and solar photovoltaic projects in Germany, the EIB said on Thursday.
Including other loans, DKB will provide at least EUR 200 million for green energy initiatives. The investments are estimated to result in new renewable capacity of 171 MW, with an annual power output of around 350 GWh.
In particular, the German bank will support small and medium-sized projects with investment costs of up to EUR 50 million.
Half of the EIB’s lending is expected to be earmarked for onshore wind parks, with the other half going to solar projects.
The agreement represents the first deal between EIB and DKB that focuses entirely on renewable energy. The transaction is in line with the European Commission’s plan REPowerEU, which is aimed at speeding up the deployment of renewable energy sources in the EU.
DKB, which is part of German regional bank BayernLB, has been financing renewable energy projects for over 30 years. Its total assets stood at EUR 118 billion as of June 30, 2023.
(EUR 1 = USD 1.082)
