| Project Detail |
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).
Additionality and Impact
EIBs intervention will take the form of a funding line to BPCE, a well-known intermediary of EIBs 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.
The project is expected to bring about economic and 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 Banks 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 Frances 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 and EE.
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 500 million
Total cost (Approximate amount)
EUR 665 million |
