Agreement between Crédit Agricole S.A. and the European Investment Bank (EIB) aiming to facilitate the financing of facilities using renewable energies
Press release - 29 May 2007
René Carron, President of Crédit Agricole SA, and Philippe de Fontaine Vive, Vice President of the European Investment Bank (EIB), signed a partnership agreement on 28 May at the headquarters of Crédit Agricole SA. Through this agreement, the EIB will provide Unifergie, the subsidiary of Crédit Agricole Leasing dedicated to project financing for energy control and environmental protection, with a financing allowance of €100 million intended for equipment projects using renewable energies (wind, photovoltaics, bio-mass, bio-gas, etc.) to generate electricity in France.
This partnership is the first that the EIB has signed with a banking institution in France for renewable energies.
In addition, this agreement provides for a delegation plan adapted to financed projects. For all projects of more than €25 million, Unifergie will ensure with EIB that they are compliant with the criteria defined as part of this partnership with particular attention to the environmental aspects. For projects of less than €25 million involving the wind power sector, the EIB delegates to Unifergie their selection as well as the commitment of funds provided by the financing allowance, with the objective of facilitating and accelerating the performance of regional projects.
In the future, this agreement will make it possible to confirm the key role that the Crédit Agricole group plays in land use planning and sustainable development.
It also confirms Unifergie's expertise and experience in the field of financing for projects associated with energy control and environmental protection.
About:
· Unifergie
This subsidiary of Crédit Agricole Leasing is an essential pillar of the services dedicated to the environment that Crédit Agricole SA launched in April 2006. It is also a major player in this sector. With Sofergie status, it has been offering overall financing (real estate, equipment, and intangible assets) for 20 years for all sustainable development projects: co-generation plants, wind power plants, air conditioning, boilers, recycling plants, composting plants, waste reclamation plants, treatment plants, water networks, etc.
As such, the projects financed by Unifergie currently produce:
- from wind energy: 587 million kwh of electrical power per year, the equivalent of the consumption of 235,000 homes, avoiding the emission of 260,000 tonnes of CO2 per year
- from all of the financed plants (co-generation, wind, incineration): 1,200 MW of electrical power, the equivalent of the consumption of nearly 1.5 million homes.
· EIB
The European Investment Bank is the financial arm of the European Union. Created by the Treaty of Rome 50 years ago, it primarily grants long-term loans in support of private or public investment projects, which give effect to six priority community policies: economic and social cohesion in the expanded Union, research/development and innovation, support for Small and Medium Companies, environmental protection and the promotion of sustainable development, trans-European transportation networks, and the policy of safety and diversification of energy supply. It is also involved outside the EU as part of community policies of cooperation and assistance in development.
The EIB is independent and does not depend on the budget of the European Union or domestic taxpayers: it functions as a commercial bank by borrowing on the capital market the funds that it lends. Nevertheless, it is guaranteed by the Member States, which allows it to be rated AAA and therefore offer favourable loan conditions. In 2006, it borrowed €48 billion and loaned €45.8 billion in total, including €39.8 billion inside the European Union.
Press Contacts
CA Leasing
François Rauch - Tel: +33 (0)1 43 23 18 84
Catherine Langlois - Tel: +33 (0)1 43 23 69 29
Crédit Agricole S.A.
Alain Berry - Tel: +33 (0)1 43 23 59 44
Anne-Sophie Gentil - Tel: +33 (0)1 43 23 37 51
