Sorégies Receives Financing Boost for Renewable Energy Development via InvestEU Program

Sorégies Receives Financing Boost for Renewable Energy Development via InvestEU Program

(IN BRIEF) Local energy company Sorégies has secured financing through the InvestEU program, marking a significant step in its strategic plan to prioritize renewable energy development. Sorégies aims to self-generate at least 1,000 GWh of electricity by 2030, aligning with its local supply strategy. One-third of the company’s €500 million investment plan for 2024-2026 will be dedicated to modernizing and digitizing power distribution networks, while two-thirds will focus on renewable energy production. The funding will support the acquisition or construction of 44 photovoltaic and wind farms with a total capacity of 307 MW, developed in cooperation with local authorities. This initiative aligns with the European Union’s goals for clean energy transition, energy security, and sustainable energy infrastructure. The financing demonstrates the EIB’s confidence in Sorégies’ commitment to regional ecological and energy transition efforts.

(PRESS RELEASE) LUXEMBOURG, 28-Nov-2023 — /EuropaWire/ — This financing of local energy company Sorégies supported by the InvestEU program is part of its strategic plan which puts renewable energy development centre stage. The group is taking another step towards achieving its goal of self-generating at least 1 000 GWh of electricity by 2030 — a change of scale that will enable it to keep implementing a local supply strategy by bringing its energy production and supply activities closer together.

One-third of the Sorégies Group’s €500 million investment plan for 2024-2026 is dedicated to the modernisation and digitalisation of power distribution networks for greater flexibility and two-thirds will go towards the production of renewable energy. The EIB funds will help finance the acquisition or construction of 44 photovoltaic and wind farms with a total capacity of 307 MW, mostly developed in close cooperation with local authorities.

This is the EIB’s second loan to Sorégies following a maiden operation worth €70 million in 2017, which benefited from the guarantee of the European Strategic Investment Fund (EFSI).

This agreement is supported by the European Union’s InvestEU program, which aims to generate a total of over €372 billion in additional investment between 2021 and 2027 in EU countries.

It forms part of InvestEU’s energy development policy. This includes investments in the clean energy transition, security of energy supply and modernisation of sustainable energy infrastructure, in particular storage technologies. This investment will contribute to the European Union’s commitments under the 2030 Agenda for Sustainable Development as part of the implementation of the Paris Climate Agreement.

“I wish to thank the European Investment Bank, the financing institution of the European Union, for this vote of confidence which shows great recognition for the Sorégies Group’s efforts to promote the ecological and energy transition of the regions. This funding enables us to consolidate the deployment of our strategic plan including major investments in renewable energy. We have a shared goal with the EIB: to make the energy/climate transition a sustainable success by contributing to the implementation of projects that create economic, social and environmental value for all and promote cohesion in the regions. Working towards this goal is our priority and we are channelling all our energy into achieving it,” said Frédéric Bouvier, Chairman of the Executive Board of the Sorégies Group.

“We are very pleased to again provide long-term support to the Sorégies Group, an energy company located in the heart of the regions. Its investments in renewable energy production help speed up the energy transition and meet EU carbon neutrality targets. The Sorégies Group embodies a virtuous energy model, which contributes to social cohesion and promotes local value sharing,” said EIB Vice-President Ambroise Fayolle.

“Increasing wind and renewable energy production capacity is one of Europe’s top priorities if it is to make a success of its green transition and change its energy model. With the help of InvestEU, Europe has the means to become a benchmark in decarbonized energies and ensure its energy independence. Supporting agreements such as this one is an illustration of this,” explains Paolo Gentiloni, European Commissioner for Economic Affairs.

Background information

About the Sorégies Group

Sorégies is a group of local energy companies committed to meeting the key challenges presented by the energy transition to a decarbonised world at regional level. This integrated energy company, which serves as a benchmark and is active across the entire energy value chain, is diversifying and innovating to consolidate energy production and consumption in a sustainable manner and offer its customers local, civic energy. The Sorégies Group is a producer, supplier and distributor of renewable energy, electricity and gas as well as providing digital services for the energy sector. It has more than 260 wind, photovoltaic, hydroelectric and biomass power plants in France, and a portfolio of renewable energy producers with a capacity of over 1.5 TWh. Lastly, it is a regional partner that supports communities in their environmental transition: energy efficiency, public lighting and decarbonised transport.

Ranked as the leading mid-cap in Nouvelle-Aquitaine, the Sorégies Group generated a turnover of €1.5 billion in 2022 and has 460 employees. As part of its strategic plan, the company will increase its investments to €1 billion by 2030 to make the energy/climate transition accessible to all.

More information on the Group’s website.

About the EIB

The European Investment Bank (EIB) was established in 1958 under the Treaty of Rome and is the long-term lending institution of the European Union (EU) owned by its Member States. Its remit is to finance projects that contribute towards the integration, balanced development and economic and social cohesion of the European Union. It borrows large volumes of funds on the capital markets and lends them on very favourable terms to support projects that help the European Union achieve its objectives. As the EU climate bank, it aims to encourage the emergence and deployment of investment to meet ongoing challenges such as the energy transition to a new low-carbon growth model. In 2022, the EIB provided €5.9 billion to support renewable energies, clean mobility and energy efficiency in France, 70% of its total financing in the country (€8.4 billion).

About InvestEU

The InvestEU programme provides the European Union with critical long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It helps to generate additional investments in line with key European priorities, such as the European Green Deal, the digital transition and support for small and medium businesses (SMEs). The InvestEU programme brings together multiple EU financial tools to support investment by making project financing simpler, more efficient and more flexible. It builds on the success of the previous Investment Plan for Europe, also known as the Juncker Plan, under which more than €500 billion was invested between 2015 and 2021. InvestEU has three components: the Fund, the Advisory Hub and the Portal. The InvestEU Fund is implemented through various financial partners, including the EIB, which invest in projects using the €26.2 billion EU budget guarantee to unlock at least €372 billion in additional investment.

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SOURCE: European Investment Bank