- The European Investment Bank (EIB) is to support Soregies Group investments in renewables and grid modernisation in France.
- Soregies will dedicate one-third of its investments to modernising and digitalising its distribution networks.
The European Commission has disclosed that the European Investment Bank (EIB) has agreed to lend €250 million (USD 273.8m) to the French energy company, Soregies Group, to support its investments in renewables and grid modernisation in France. The loan, provided under the InvestEU programme, will kick off Soregies’ EUR-500-million investment plan for 2024 to 2026, targeting renewables and upgrading the group’s distribution grids.
Soregies will dedicate one-third of its investments to the modernisation and digitalisation of its distribution networks, while two-thirds will go towards the production of renewable energy. The EC said the EIB funds will specifically help finance the acquisition or construction of 44 photovoltaic and wind farms with a total capacity of 307 MW. This is the EIB’s second loan to Soregies, following a €70 million loan in 2017.