On Friday 8 April 2011, Christian Bourquin, President of the Languedoc-Roussillon Region, and Philippe de Fontaine Vive Curtaz, Vice-President of the European Investment Bank (EIB), will launch a EUR 400m photovoltaic programme in the presence of Jean-Marc Carcelès, Chairman of the Executive Board of Caisse d’Epargne de Languedoc Roussillon, André Joffre, Chairman of Banque Populaire du Sud, and Alain Maurel, Chairman of Crédit Agricole du Languedoc. The signature ceremony will take place in the Regional Government Office in Montpellier, France.
The programme amounting to EUR 400m will contribute to expanding renewable energy production in Languedoc-Roussillon in keeping with the following objectives:
- a 200 MWp increase in photovoltaic electricity production by 2014 by installing facilities throughout the region;
- consistent development of small and medium-scale photovoltaic installations (between 3 and 100 kWp) on the premises of public and private businesses, local authorities, farms and associations.
This operation is fully in line with Region's overall strategy to combat climate change and encourage sustainable development by generating electricity using photovoltaic technology instead of fossil fuels and thus reducing CO2 emissions. EIB Vice-President Philippe de Fontaine Vive commended the Region’s decidedly proactive approach to the environment and energy production as follows: ”I am very pleased to be here today with the Montpelier Regional Government to help fulfil regional and European goals with respect to mitigating the effects of climate change. This environmental and energy excellence plan will have a direct impact on the daily lives of the region’s inhabitants. It already contributes to the 2020 vision of a sustainable and competitive economy in Europe."
This operation in the Languedoc-Roussillon Region will be carried out in close partnership with the BPCE (Banque Populaire et Caisse d’Epargne) and Crédit Agricole Groups. It is being jointly financed by the European Investment Bank, which is providing a EUR 200m credit line to these two banking partners via their Regional Caisses (Crédit Agricole du Languedoc et Sud Méditerranée, Banque Populaire du Sud, Caisse d’Epargne de Languedoc-Roussillon). These partner banks will advance an additional overall amount of EUR 200m to co-finance photovoltaic energy projects. They will therefore manage a total package of EUR 400m and will be responsible for appraising financing requests throughout the region. The Languedoc-Roussillon Region will guarantee 25% of the total amount of loans provided to local authorities, micro-enterprises, SMEs and farms. This undertaking by the Region will enhance the financial conditions proposed to project promoters.
The EIB credit line granted to the partner banks, combined with the guarantee facility of the Languedoc-Roussillon Region, ties in with the Bank’s ongoing priority climate action, the main objective of which is to reduce greenhouse gas emissions and to assist climate change mitigation and adaptation projects. As the primary destination of EIB lending in France in 2010 (EUR 1.7bn), this priority accounts for slightly over one third of the projects financed in France in the relevant public transport, energy and energy-efficiency sectors. In 2009, the EIB had already stepped up considerably its lending in support of climate change initiatives in order to contribute to “intelligent, sustainable and inclusive growth”.