La Banque Postale, LBP AM & CNP Launch €1b Debt Fund to Support Energy Transition

Source: 9/27/2023, Location: Europe

La Banque Postale, LBP AM and CNP Assurances are ramping up their commitment to the energy transition with the launch of an impact infrastructure debt fund, backed by CNP Assurances for a total of €1 billion. This major initiative aims to finance European infrastructures that contribute to limiting global warming well below 2°C, in line with the objective of the Paris Agreement.

In a geopolitical, economic and climatic context that calls for a reduction in our dependence on fossil fuels, La Banque Postale and its subsidiaries LBP AM and CNP Assurances are providing long-term support for energy transition projects in Europe through a new impact fund. The fund will have an investment capacity of €1 billion, contributed by CNP Assurances and to be deployed over a 3-year period.

Classified under Article 8 of the SFDR1 , this impact debt fund will finance infrastructure projects that make a substantial contribution to mitigating climate change or are committed to decarbonising their operations. This fund will support real economy projects that are in line with its investment philosophy by focusing on the following sectors:
- Renewable energies
- Circular economy
- Clean transport
- Energy efficiency
- Innovative sectors such as e-mobility, green hydrogen and energy storage projects

An initiative of France’s major public financial centre
Developed by France’s major public financial centre, this new fund is the result of a close collaboration between La Banque Postale, LBP AM and CNP Assurances combining their complementary expertise. It aims to offer a comprehensive and differentiated financing solution to projects and players involved in the energy transition, based on the technical criteria of the European green taxonomy or on an analysis of the soundness of decarbonisation plans for assets in transition.

This fund positions La Banque Postale Group as a major and innovative player in this market, supporting French and European initiatives.

Jointly originated by La Banque Postale and LBP AM, the fund will be managed by LBP AM. LBP AM will draw on its expertise in debt investment in low-carbon infrastructure projects, as well as in impact measurement thanks to the monitoring of rigorous performance indicators. The fund will also leverage the recognised know-how of La Banque Postale's Asset and Project Finance teams for project origination and structuring.

As Bertrand Cousin, Head of Corporate and Investment Banking at La Banque Postale, explains: "This initiative is part of our strategy to promote impact finance and is in line with the commitments made by La Banque Postale with regard to the objectives of a mission-led company. I am thrilled with this project, which is a further illustration of the synergies being developed within the major public financial centre, thanks to the combined expertise of the teams at La Banque Postale, LBP AM and CNP Assurances."

"We are proud to launch this key initiative, which will enable us to expand our infrastructure debt offering. LBP AM's distinctive approach to this asset class is characterised in particular by highly selective sourcing of financing applications across Europe, a proven proprietary ESG analysis methodology and expertise in tools for monitoring the impact KPIs of our portfolios, particularly with regard to climate change. These assets ensure that the fund is rigorously positioned in line with CNP Assurances' investment policy and the Group's commitments," adds Emmanuelle Mourey, Chairwoman of LBP AM's Management Board.

"This fund demonstrates a perfect alignment around our shared values and our commitment to an inclusive and sustainable society. As a responsible investor, this initiative contributes to CNP Assurances' objective of reaching €30bn in green investments by the end of 2025 and more than €1bn in impact investments by the end of 2025. With this investment, our total impact financing commitments now exceed €1.5bn. Infrastructure debt is an attractive asset class because of its return potential and the diversification it provides in the portfolio. This helps to meet our long-term commitments to our policyholders," concludes Olivier Guigné, Group Chief Investment Officer at CNP Assurances.

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