Societe Generale seals 20-year solar offtake deal in France

French banking group Societe Generale will back the construction of a solar park at home by committing to procure some of its output under a 20-year contract.

The power purchase agreement (PPA) was signed with France-based developer JP Energie Environnement (JPee), the Paris-based lender said on Monday.

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The offtake deal will facilitate the construction of a photovoltaic (PV) farm in the municipality of Arpheuilles in the Centre-Val de Loire region of central France. Once up and running in 2026, the plant will supply electricity to Societe Generale, covering between 10% and 15% of the annual consumption of its central services and network in France, or around 16.7 GWh per year.

The solar PV park will span 14.2 ha of pastured land and will be connected to the French electricity grid. The site will combine both power generation and sheep farming.

The PPA is aligned with Societe Generale’s decarbonisation strategy.