- 3 min
Paris, 29 May 2007
René Carron, chairman of Crédit Agricole S.A., and Philippe de Fontaine Vive, vice-president of the European Investment Bank (EIB), signed a partnership agreement on renewable energy financing on 28 May at Crédit Agricole S.A.'s corporate headquarters. Under the agreement, the EIB is making a EUR 100 million loan package available to Unifergie, a subsidiary of Crédit Agricole Leasing specialised in project financing for energy management and environmental protection. The money will be used to fund infrastructure projects involving renewable energies, including wind, photovoltaic, biomass and biogas systems, to generate electric power in France.
Under the terms of the agreement - the first renewable energy partnership that the EIB has signed with a bank in France - a system of delegations tailored to the size of the financed projects will also be set up. Unifergie will refer any project in excess of EUR 25 million to the EIB to ensure that it complies with the criteria laid down for the partnership, with special emphasis on environmental issues. For projects worth less than EUR 25 million in the windpower sector, the EIB delegates to Unifergie the right of selection and the authority to commit funds from the loan package. The aim is to expedite projects with a regional dimension.
Going forward, the agreement is expected to confirm the leading role played by the Crédit Agricole Group in the fields of regional planning and sustainable development. It also recognises Unifergie's expertise and experience in financing energy management and environmental projects.