France: EIB and La Banque Postale sign new partnership including a €600 million refinancing package

• Partners on major regional projects like the rollout of superfast broadband, infrastructure construction and renewable energy since 2015, La Banque Postale and the European Investment Bank (EIB) renewed their cooperation for a further three years today.
• They signed a new €600 million refinancing package.

 With its two separate funds, this package is intended to finance:

• The energy and climate transition with small and medium-sized onshore wind and solar photovoltaic projects, mainly in France, targeted at private companies, small and medium-sized enterprises (SMEs), mid-caps and special purpose vehicles. These investments of less than €50 million each from an overall allocation of €400 million will make it possible to deploy around 649 MW of renewable electricity generation capacity.
• Rail and sustainable mobility, with the goal of financing infrastructure and public transport with an allocation of €200 million. This initiative targets rail modernisation, renewal and development projects and urban mobility in France and other European countries (purchase and refurbishment of freight and passenger rail rolling stock, electric buses, trams, metro trains, etc.). These investments aim to develop sustainable transport and modal shift to limit the use of passenger cars and promote clean transport in France.

The signature of these financing packages makes it possible to target specific markets or elements. They are aimed in particular at asset and project financing and the creation of special purpose vehicles, unlocking long-term financing (over 20 years) with attractive interest rates. La Banque Postale has three years to allocate the funds.

“The new partnership between La Banque Postale and the EIB aims to support French companies’ transformation projects by financing mobility and the energy transition on privileged terms. The €600 million dual package will support the implementation of major sustainable projects in our regions, in line with our commitment to be a citizen bank,” said La Banque Postale’s Managing Director of Corporate and Investment Banking Serge Bayard.

“We welcome this new partnership between the EIB and La Banque Postale to make it easier for companies to access financing for key projects for the energy transition and the fight against climate change by cutting greenhouse gas emissions. Together with our partner banks in France, we support the granting of loans to promote companies’ investment in renewable energy, clean transport and energy efficiency. This is a key priority for the EIB as the EU climate bank, and this innovative financing arrangement with La Banque Postale will help,” explained EIB Vice-President Ambroise Fayolle.

Background information

About the European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its 27 Member States. It provides loans to the public and private sectors for sound investment contributing to EU policy goals. In 2023, France received more EIB financing for the energy and green transition than any other country, with an overall investment of €6.9 billion for renewable energy, clean mobility and energy efficiency.

About La Banque Postale

La Banque Postale, together with its subsidiaries including CNP Assurances, is a major international bancassurance group, ranked 11th in the euro zone based on total assets. With its diversified business model and wide range of accessible products and services, La Banque Postale works with and partners 20 million customers in France – private individuals, businesses, and public sector players. A subsidiary of La Poste Groupe, La Banque Postale offers local banking services through 17,000 contact points, including 7,000 post offices, throughout France. The new strategic plan, “La Banque Postale 2030”, is designed to support the Group’s ambition to become France’s favourite bank, thanks to an integrated, multi-channel bancassurance offer organised around its three brands: La Banque Postale, for routine banking, Ma French Bank, for fully-mobile banking, and Louvre Banque Privée, for private banking.

La Banque Postale is stepping up its diversification strategy and developing its specialist businesses, particularly in asset management, insurance, consumer credit and corporate and investment banking.

As a community bank, La Banque Postale is committed to shaping a “just transition” by embedding environmental and social impact objectives in its governance system. A mission-led company since March 2022 and a leader in impact finance, La Banque Postale aims to achieve net zero emissions by 2040. It holds a leading position in terms of non-financial ratings.