Societe Generale and EDF sign the first contract for the supply of wind energy in the French banking sector
In signing a contract with EDF for the supply of wind energy, Societe Generale Group has become the first bank in France to sign a Power Purchase Agreement, and one of the first companies in France across all sectors.
Societe Generale Group signed its first Power Purchase Agreement (PPA) with EDF on 20 November. A PPA is a contract under which consumers can source some of its energy needs by purchasing green electricity from a renewable electricity (wind, solar, hydraulic) producer and which offers visibility on the price throughout the term of the contract. This innovative approach helps to promote the development of renewable energies by guaranteeing revenue for producers over several years and offers traceability for the customers of the origin of a proportion of their electricity supply.
Under this power supply contract, Societe Generale Group undertakes to purchase electricity through EDF Group’s aggregator, Agregio, from the Eurowatt wind energy farm located in Santilly in the Centre region of France. This corresponds to 27 Gwh of energy per year over three years, from 2021 to 2023.
“Since 2018, 100% of Societe Generale's electricity consumption is green”, explains Christophe Leblanc, Societe Generale Group Head of Resources and Digital Transformation. “With this first PPA, which for now covers 10% of our consumption, the Group is going a step further and demonstrating its commitment to the ecological transition and its deliberate policy to help promote the development of renewable energy in France.”
“The EDF group supports its customers with their energy transition by offering comprehensive, low carbon solutions tailored specifically to their strategy. The signature of this new PPA sees EDF group continuing to invest in innovative solutions and to meet the growing expectations of its customers”, says Nelly Recrosio, Key Accounts Director at EDF.
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