The joint programme with the Central American Bank for Economic Integration will enable more than $500 million of investment in projects in six central American countries: Honduras, Nicaragua, El Salvador, Guatemala, Costa Rica and Panama.
EIB vice president Magdalena Álvarez Arza said: "Considerable investment is needed to harness the potential of renewable energy and more efficient energy use to reduce carbon emissions and provide energy essential for economic growth.
"The EIB is committed to supporting long-term investment in sustainable energy around the world and enabling low-carbon energy investment in Central America."
The new programme follows a similar initiative launched in 2011 between the two investment banks which is supporting hydropower investment in Costa Rica.
Of the countries set to receive the cash, Honduras, Nicaragua and Costa Rica currently have installed wind capacity, with Costa Rica leading the way, with 152MW in place.