The investment programme covered by the agreement relates to the development by EDF EN of solar photovoltaic projects located in France and Italy over the 2010-2012 period. These projects, which are currently under development or under construction, will all be equipped with the thin-film photovoltaic technology created by the US company First Solar.
The financing framework agreement states that each project will be implemented jointly with several commercial banks, each financing allocation being independent of the others. The EIB’s contribution will represent up to 50% of the total financing of each project.
Two pilot projects, the Gabardan ground-based solar farm in France and the Loreo ground-based solar farm in Italy, will be financed in early 2010 under this agreement. The financing structure to be implemented will then be replicated for each of the subsequent investments carried out under this programme. This mechanism will help to simplify the implementation of all the other projects as and when their construction starts.
Paris Mouratoglou, chairman of EDF Energies Nouvelles, said: “We are very happy with this innovative financing solution put together with the EIB that has been made possible by the volume of our projects’ portfolio.
“Perfectly suited to photovoltaic projects, which have a smaller average unit size than in wind energy, this financing structure will help EDF EN to step up the pace of completion of its numerous projects under development in France and Italy and will facilitate achievement of our ambitious objectives.”
