Akuo Energy signs EIB credit line to finance projects

Akuo Energy, the French renewable energy firm, and the European Investment Bank (EIB) have announced the launch of a financing programme for 9 renewable-energy power station projects developed and run by Akuo Energy in France, with total financing estimated at €329 million (US$349.5 million).

The credit line made available by the EIB could reach 50% of the total cost of this investment. The implementation of this programme is made possible by the participation of a number of commercial banks acting as banking intermediaries for this operation. The first 5-project phase will be structured by Natixis Energeco.

The 9-project portfolio includes wind and solar farms and biomass power plants.

Eric Scotto, co-founder and Chairman of Akuo Energy, stated:

“We welcome the implementation of major initiatives such as these by players as emblematic as the European Investment Bank. This initiative provides a substantial improvement in the cost of funding our projects, and will therefore significantly contribute to the development of renewable energies. I would also like to sincerely thank the Natixis Energeco teams, who have always shown unwavering support for Akuo projects and are again illustrating this support by being an integral part of the success of this programme’s implementation.”

Ambroise Fayolle, Vice-President of the EIB, commented:

“This financing is emblematic, on the eve of the COP21 [UN conference on climate change], and in a key sector: the development of renewable energies. The EU bank is more than ever ready to support action to counter global warming and reduce the effects of climate change. Our activity in France in 2015 clearly illustrates this: 35% of our activity has been dedicated to this European and global priority, 10% above the target (25%) set by the Bank within the European Union. It is our responsibility to create favourable conditions for the financing of key projects for our energy transition, and we are particularly proud to be doing this with Akuo.”

Stéphane Pasquier, CEO of Natixis Energeco, added:

“As we approach the COP21 conference, Natixis is continuing to accentuate its commitment to the fight against climate change through its various offers, whether it be in the field of investment or financing. The bank is using its resources to provide constant support for the growth of players involved in this sector. It has been supporting, ever since its creation, the Akuo group’s development by arranging the funding of a large proportion of its investments. The EIB’s unrelenting support for the development of renewable energies in France and its association with Natixis via this memorandum of understanding will allow the Akuo group to benefit from additional resources and thus accelerate its development in favour of the use of renewable energies and protecting the environment.”