New framework agreement by Societe Generale and the European Investment Bank to finance the development of renewable energy
• EUR240m dedicated to the financing of new solar and onshore wind projects in France • Two projects by French Mid-Cap Valorem already agreed • A mechanism that is partially guaranteed by the Investment Plan for Europe
Societe Generale and the European Investment Bank (EIB) have signed an agreement combining risk sharing and funding participation of a total of EUR240m dedicated to support renewable energy projects. This agreement covers new onshore wind or solar projects in France for individual projects which do not exceed EUR50m.
The EIB has already validated its risk sharing and funding participation in two wind projects located in Dampierre-en-Garçay, Cher department in the Centre-Val de Loire region. These projects were developed by French company Valorem and amount to 19MW installed capacity. An independent player with an excellent reputation in the French renewables market, Valorem employs more than 200 people.
Societe Generale, leveraging on its experience for more than 10 years in the field of renewable energy, selects projects and provides its technical and financial analysis to the EIB, who then decide their participation via two combined means:
- EUR80m for risk participations, guaranteed through the European Fund for Strategic Investments (EFSI), also known as the Juncker Plan;
- EUR160m for disintermediated soft loans.
This initiative is a new step in the collaboration of two institutions that are committed to supporting the energy transition, most notably since 2014 following the launch of the France Energies Renouvelables programme including Societe Generale’s participation.
Financing the fight against climate change is more than ever a priority for the European Union’s bank in the context of the transformation of our institution into a European climate bank. To this end, we are pleased to be able to draw on the recognised expertise of Societe Generale’s teams, with whom we have a long-term partnership.
We are proud of this new agreement with the EIB which highlights the depth and quality of our expertise. Societe Generale is a long-standing player in renewable energy, both in financing and advisory, and has announced its commitment to raise an additional EUR20bn for the sector between 2019 and 2023.
The EIB dedicates 31% of its total investments to the fight against climate change. Societe Generale is a leading player in the field of renewable energies, and was recently awarded the accolade for “Europe Bank of the Year” at the 2019 PFI Awards. Through this agreement, the two institutions confirm their commitment towards a sustainable energy transition.
IEB : Cyrille Lachèvre +352 437 973 984, firstname.lastname@example.org
Societe Generale: Ila Kotecha + 44 207676 6804, Ila.Kotecha@socgen.com
Thomas Alexandre + 33 1 42 13 34 37, email@example.com
Note to editors
Press Release Societe Generale's commitments and achievements in the fight against global warming - 28/11/2018
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