French lender La Banque Postale will utilize funding from the European Investment Bank (EIB) to support local renewable energy investments, aiming to facilitate the deployment of almost 650 MW of capacity.
The new EUR 600-million (USD 656.5 million) package refinances existing debt and was signed in a joint agreement, according to a statement.
The funding package spans three years and includes two distinct facilities. The larger portion, totaling EUR 400 million, will be dedicated to the construction of small and medium-sized onshore wind and solar parks, primarily in France. Approximately 649 MW of renewable energy projects will benefit from this funding, which will be distributed to private companies, small and medium-sized enterprises (SMEs), mid-caps, and special purpose vehicles.
The remaining EUR 200 million will be allocated for rail and sustainable mobility initiatives, focusing on public transportation projects in France and other European countries.
“We welcome this new partnership between the EIB and La Banque Postale to make it easier for companies to access financing for key projects for the energy transition and the fight against climate change by cutting greenhouse gas emissions,” said EIB Vice President Ambroise Fayolle.
