EIB to lend funds for 650 MW of renewables in France

French lender La Banque Postale will be allocating funding from the European Investment Bank (EIB) to support investments by local entities in renewable energy initiatives that will facilitate the deployment of almost 650 MW of capacity.

The lenders have signed a new EUR-600-million (USD 656.5m) package that refinances existing debt, according to a joint statement.

The funding package has a term of three years and includes two separate facilities. The larger portfolio, totalling EUR 400 million, will be allocated to back the construction of small and medium-sized onshore wind and solar parks, mostly in France. About 649 MW of renewable energy projects will benefit from the funding, which will be distributed to private companies, small and medium-sized enterprises (SMEs), mid-caps and special purpose vehicles.

The remaining EUR 200 million of the package will be used for rail and sustainable mobility initiatives, with a focus on public transportation in France and other European countries.

“We welcome this new partnership between the EIB and La Banque Postale to make it easier for companies to access financing for key projects for the energy transition and the fight against climate change by cutting greenhouse gas emissions,” said EIB’s vice president Ambroise Fayolle.

(EUR 1.0 = USD 1.094)

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