The signing of this agreement brings the conference organised by the European Commission and the Ministry for an Ecological and Solidarity Transition, notably devoted to the need to develop the financing offer for investments in energy efficiency, to an end. Adnan Z. Amin, Director-General of the International Renewable Energy Agency (IRENA), said at the Bonn COP 23 that “energy efficiency and renewable energy are two sides of the same coin, inseparable for the success of the energy transition”. This agreement is another illustration of the major role the EIB is playing in financing the energy transition.
A portfolio approach
This programme was scaled in accordance with a portfolio approach that incorporates both technological (solar, wind, hydraulic and wood biomass) and geographical (European Union) eligibility criteria. On a similar model to that of the previous programme deployed by the EIB in favour of Akuo Energy, this new credit line could furthermore total 50% of the scaled total investment, or a net figure of €165 million euros. On the basis of this criteria, the programme should thus enable the project debt financing of some forty assets held by Akuo Energy, all of them identified and having a total capacity of almost 400 MW.
This conference is an event associated with the One Planet Summit.
This financing again illustrates the unrelenting work of the EIB and its partners in favour of climate action undertaken by private-sector players and which here translates into the availability of credit lines at attractive and enticing financing conditions.
Natixis Energeco and CIC have reiterated their support
Key partners for this programme’s deployment, a number of commercial banks will participate in this operation. In this respect, Natixis Energeco has already announced its immediate assistance to structure the investments. CIC has also confirmed its involvement in the operation. The two French commercial banks had already taken part in the deployment of the first programme granted to Akuo Energy by the EIB in November 2015.
Ambroise Fayolle, Vice-President of the EIB, says: “The fight against global warming lies at the heart of the European Union bank’s priorities, with it devoting at least 25% of its annual business to this issue. I am delighted to be able to continue our fruitful cooperation with Akuo Energy and its financial partners like the BPCE Group through a new programme of renewable energy projects in France and elsewhere in the EU totalling 330 million euros. By providing them with optimal financing conditions, the EIB is lending its support to the development of players involved in the energy transition.”
Eric Scotto, Chairman of Akuo Energy, adds: “Two years after the signing of the Paris Agreement on climate change, we are very pleased to see that our partners are still as eager as ever to participate in the fight against global warming alongside us. In particular, and within a context where the competitiveness of renewable energies has more than ever been established, the financing lines put in place by the EIB, a key player in the set-up, represent valuable tools to support their deployment at minimal cost. We would also like to wholeheartedly thank the Natixis Energeco and the CIC teams who have again answered our calls and confirmed their further reiterated commitment to the energy transition”.
Stéphane Pasquier, CEO of Natixis Energeco, concludes: “We are proud to again be able to contribute to Akuo Energy’s remarkable development. This agreement will enable us to intensify our long-term commitment to renewable energy. The continued support provided to this sector by the EIB and its reaffirmed trust in us is helping reinforce the competitiveness of renewable energy in France, thus meeting European guidelines.”
