Release date: 15 April 2021
Promoter – Financial Intermediary
BPCELocation
Description
The project consists of an intermediated lending facility in support of small to mid-sized renewable energy projects in France (onshore wind, photovoltaic, geothermal, hydro, biomass and waste treatment/biogas).
Additionality and Impact
The Project will contribute to the timely deployment of renewable energy production capacity in France, which will be key to meet the mid/long term national and EU energy objectives. The financing of this project is in line with the Bank's lending priority objectives on Renewable Energy as well as the transversal objectives on Climate Action, Environmental Sustainability and Social and Economic Cohesion. The projects will produce electricity from low carbon sources (primarily solar PV, especially rooftop solar PV and onshore wind) and addresses negative climate and environmental externalities, a market failure, through the reduction of carbon emissions and other air pollution. The projects will rely on revenues from the market (the wholesale market and unsubsidized commercial PPAs), in a sector characterised by incomplete markets and thereby, the projects will improve market efficiency and competition. They are expected to yield very good quality and results due to a very good social benefit and fair employment creation. With the appropriate conditions in place, the project is acceptable for financing in environmental and social terms.
EIB's intervention 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.
Objectives
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.
Sector(s)
- Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 300 million
Total cost (Approximate amount)
EUR 600 million
Environmental aspects
This operation is intended to generate environmental benefits by supporting projects that help mitigate climate change. The Bank 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 Bank's public disclosure policy, which aims to facilitate access by the public to environmentally-relevant information.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU Procurement Directives, as appropriate.
Status
Signed - 24/11/2021
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).