The European Investment Bank (EIB) today announces the launch of the “France Renewables” programme, in which it is committing EUR 750m to finance the implementation of renewable energy projects throughout France between 2014 and 2016.
This is a major financing operation geared to supporting projects contributing to climate change mitigation. Selected projects will involve the development of wind, photovoltaic, hydraulic and geothermal energy. Thanks to the EIB’s triple A rating, the public or private sector beneficiaries of this loan will have access to favourable financing terms.
This financing operation is being implemented in partnership with Société Générale Corporate & Investment Banking, Crédit Agricole Group (Caisses régionales de Crédit Agricole and Crédit Agricole Leasing & Factoring) and the BPCE Group (Banque Populaire, Caisse d'Epargne, Crédit coopératif, Natixis SA and Natixis Energeco), selected by the EIB for their expertise in energy project financing and ability to ensure programmes’ compliance with national and EU environmental legislation concerning biodiversity.
The different loans granted by the EIB will meet 50% of the financing requirements of each selected project with an investment cost of less than EUR 50m. The partner banks will be in charge of selecting the projects and structuring the finance.
EIB Vice-President Philippe de Fontaine Vive welcomed this commitment, saying: “Supporting the energy transition is one of our top priorities. This is why we are financing with our trusted partners concrete projects that have a direct impact on sustainable development and people’s daily lives. This is how Europe works: practical action in the heart of our regions to ensure a successful energy transition”.
By 2020, the European Union is set to be investing heavily in financing its energy transition. This is why the EIB has been stepping up its climate action, devoting EUR 19bn, i.e. 26% of its total lending, to this objective in 2013. France is one of the chief beneficiaries of this effort, receiving just over EUR 1bn in new finance in this field in 2013. This drive is continuing in 2014 in the context of the current economic climate and the growing demand for financing from project promoters.