BPCE ACTION POUR LE CLIMAT V

The project consists of an intermediated lending facility in support of small to mid-sized renewable energy projects in France (onshore wind, photovoltaic, geothermal, biomass and biogas).

This project supports national and European targets related to renewable energy ("RE") generation and it will hence contribute to EU energy objectives, notably security of energy supply and tackling climate change.

EIB's involvement will take the form of a funding line to BPCE, a well-known intermediary of EIB's support to the renewable energy sector in France. BPCE will on-lend the EIB funds at attractive financing conditions to eligible projects, thereby facilitating their implementation. Through its impacts, the operation will support the EU Competitiveness Compass agenda and the EU Action Plan on Affordable Energy.

The project is expected to bring about economic and broader social benefits by generating clean and renewable power at a cost well below the fossil fuel-based alternatives. In addition, the project will support the economic recovery in the context of the current economic turmoil and energy crisis, fostering economic growth and qualified employment in the green sectors. The RE projects will benefit from market-based instruments, and thereby will contribute to the policy objective to support the market integration of renewable energy projects.

The financing of this project is in line with the Bank's lending priority objectives on Energy (Renewable Energy) as well as the transversal objectives on Climate Action (mitigation), Environmental Sustainability (Pollution Prevention Control) and Social and Economic Cohesion.

The financing contributes to the EU and France's 2030 decarbonisation goals. The Climate action element of the operation will produce electricity from low carbon sources, and addresses negative climate and environmental externalities, a market failure, through the reduction of carbon emissions and other air pollution, increased resilience to climate change and public health, which are not effectively reflected in market prices, helping to complete the electricity market by enabling the participation of end-customers. The project shows how the EIB can be additional to the national incentives for RE. The operation is supported by a good governance system and strong project management capabilities.

This operation is intended to generate environmental benefits by supporting projects that help mitigate climate change. The EIB will assess the capacity and procedures of the financial intermediary to ensure compliance with the national and European environmental and biodiversity regulations, as well as their capacity to support the EIB's public disclosure policy, which aims to facilitate access by the public to environmentally relevant information.

Final beneficiaries will be requested to comply with applicable national and EU Procurement Directives, as appropriate.