The European Investment Bank will offer as much as €164 million (US$174 million) in financing for nine renewable energy projects developed and run by Akuo Energy in France.
The credit line made available by the EIB could reach 50% of the total cost of the investment of €329 million. The financing deal involves the participation of a number of commercial banks acting as banking intermediaries. The first five-project phase will be structured by Natixis Energeco. Details of the projects were not revealed.
The EIB has decided to make credit lines available under particularly attractive financial terms in order to support the development of major projects helping increase the use of renewable energy. The nine projects were chosen with the EIB following an extensive audit of the Akuo Energy group and each individual project.
“We welcome the implementation of major initiatives such as these by players as emblematic as the European Investment Bank,” said Eric Scotto, co-founder and Chairman of Akuo Energy. “This initiative provides a substantial improvement in the cost of funding our projects, and will therefore significantly contribute to the development of renewable energies.”