EIB lends €250 million to Sorégies Group under InvestEU to speed up its energy transition

Source: www.gulfoilandgas.com 11/27/2023, Location: Europe

This integrated energy company is active across the entire energy value chain and will receive a second loan of €250 million from the European Investment Bank (EIB) following a maiden operation carried out in 2017.
The financing will be used to deploy Sorégies’ €500 million investment plan for 2024-2026 promoting renewable energy and modernisation of its electricity distribution networks.
This operation is supported by the European Union's InvestEU Guarantee Programme.

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.r> 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.

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