France : La Banque Postale and EIB sign framework agreement to promote the development of renewable energies
- Apr 23, 2019
As a civic-minded bank, La Banque Postale has just signed a framework agreement with the EIB for the development of renewable energies (photovoltaic power plants and wind farms) in France. This agreement strengthens La Banque Postale's role as a key player in financing regional energy transitions.
As a civic-minded bank, La Banque Postale has just signed a framework agreement with the European Investment Bank (EIB) for the development of renewable energies (photovoltaic power plants and wind farms) in France. This agreement strengthens La Banque Postale's role as a key player in financing regional energy transitions.
The EIB is confident of La Banque Postale's expertise in putting together and supporting financing projects to develop renewable energies in France, and will provide funds on a favourable rate to enable the bank to improve the lending conditions offered to its customers. It will also be able to cover up to 50% of the risk of loans granted by La Banque Postale.
In this way, La Banque Postale is reinforcing its role as a civic-minded bank serving the regions by developing the tools it provides to its business and public sector customers through its “Banking and Finance” division: arrangement, syndication, and agent, account-holding bank and hedging bank services.
In line with the La Poste group's Energy Transition Shared Priority Programme, La Banque Postale is reaffirming its commitment to supporting energy transition policy in France by taking a leading role in financing renewable energies.
With extensive expertise in large-scale renewable energy projects, in 2018 it granted almost EUR 800m in loans primarily to wind farm and photovoltaic projects. It also provided EUR 100m – again via the EIB – for public building energy optimisation projects.
“This signature marks a new phase in La Banque Postale's development on the renewable energy financing market, enabling us to expand our range beyond our roles as arranger, agent and hedging bank,” said Head of Asset and Project Finance Emmanuel Esneu.
“This is covered by a risk-sharing agreement signed with La Banque Postale in November 2018,” explained EIB Vice-President Ambroise Fayolle. “This operation illustrates the EIB's commitment to financing ambitious climate projects with the support of its banking partners.”