Financing of France’s first offshore wind farm

Friday, 22 november 2019

The construction of the Saint-Nazaire offshore wind farm has begun, with Groupe BPCE contributing to its financing. Natixis, in its capacity as lead arranger, coordinated the response of various Group companies: the Caisse d’Epargne Bretagne Pays de Loire, Caisse d’Epargne Normandie, Caisse d’Epargne Ile-de-France and Banque Populaire Grand Ouest. Groupe BPCE’s direct contribution stands at €100 million.

This operation provides a fine illustration of Groupe BPCE’s support for regional and energy transition projects and reinforces Groupe BPCE’s references in the wind energy sector where Natixis is one of the world leaders, notably in Europe with the financing of numerous high-profile projects (Merkur in Germany, Beatrice in the United Kingdom, etc.).

This offshore wind farm, the first of its kind in France, is located approximately twelve kilometers off the coast of Saint-Nazaire and is being developed, in particular, by EDF Renouvelables. The eighty 6MW turbines will be manufactured in France by GE Renewable Energy. The energy produced is expected to satisfy the needs of more than 700,000 inhabitants, equivalent to 20% of the electricity consumption in the Loire-Atlantique region. A total of 7,000 direct and indirect jobs could be created for the construction, installation and operation of the wind farm. Studies have demonstrated that the site is compatible with environmental issues and users of the sea.