Release date: 30 November 2007
Promoter – Financial Intermediary
Banque Socredo, owned by French Polynesia, Agence française de développement (AFD) and BRED of the Banques Populaires Group.Location
Description
Credit line for a maximum amount of EUR 5 million for projects in the environmental and renewable energy sectors in French Polynesia.
Objectives
The promoter is a universal bank whose corporate purpose is to contribute to French Polynesia's economic and social development. Banque Socredo wishes to step up its activity in the renewable energy and environmental sectors. It has a substantial pipeline of projects to be financed in the renewable energy field (hydropower, solar energy, ocean thermal energy, etc.), as well as in the waste processing sector.
This operation is also in line with the EIB’s renewable energy financing objectives and the Commission’s strategy for the Pacific Islands, which is based on a “blue-green” central theme focusing on the environment and renewable energy.
It is the first operation of this type in the Pacific and will contribute to sustainable development in the environmental and renewable energy fields by providing the final beneficiaries with improved access to long-term financing carrying an interest subsidy.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 5 million.
Total cost (Approximate amount)
Not applicable.
Environmental aspects
The promoter undertakes to propose to the EIB a list of environmental projects that are likely to be suitable for financing through this credit line.
Banque Socredo will be responsible for submitting to the EIB the necessary environmental approvals, which may be based on estimates of the project's environmental impact. The EIB reserves the right to request additional analyses to ensure that the projects financed comply with the Bank's environmental guidelines.
Procurement
The promoter will ensure that the procurement procedures comply with the EIB's guidelines and the European Union regulations applicable in French Polynesia.
Status
Signed - 10/12/2007
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).