The European Investment Bank (EIB) has approved a EUR 250 million (USD 273.8m) loan for French energy company Soregies Group, aimed at facilitating the company's investments in renewables and grid modernization in France. The funding, granted under the InvestEU programme, will kickstart Soregies' EUR 500 million investment plan for the period 2024-2026, with a focus on advancing renewable energy projects and upgrading the group's distribution grids.
Soregies intends to allocate one-third of the investment for the modernization and digitalization of its distribution networks, while the remaining two-thirds will be dedicated to the production of renewable energy. The EIB funds will play a crucial role in financing the acquisition or construction of 44 photovoltaic and wind farms, boasting a total capacity of 307 MW, according to statements from the European Commission (EC).
This marks the second loan extended by the EIB to Soregies, with the first amounting to EUR 70 million in 2017. The latest funding underscores the EIB's commitment to supporting sustainable energy initiatives and aligns with broader European goals of fostering renewable energy adoption and enhancing grid infrastructure.
