Offshore wind turbines: a new project for Groupe BPCE

Monday, 24 april 2023

Groupe BPCE is helping to finance the 5th French offshore wind farm to be built off the islands of Yeu and Noirmoutier, whose construction was announced on April 6.

After nine years under development, construction will now begin on the EMYN project (for Eoliennes en mer des îles d’Yeu et de Noirmoutier or ‘Offshore wind turbines off the islands of Yeu and Noirmoutier’), the name of a consortium made up of 4 companies: Ocean Winds (a joint venture between ENGIE and EDP Renovaveis), the Japanese Sumitomo Corporation, the Banque des Territoires, and Vendée Energie. The construction phase will last two and a half years and create a total of 1,600 direct jobs required to build a wind farm comprised of 62 turbines and offering a combined generating capacity of 496 MW, capable of supplying nearly 800,000 people with renewable energy in 2025, the equivalent of the entire population of the Vendée region. 

More than 17 international banks are involved in the overall €2.5 billion financing package, including Groupe BPCE with Caisse d’Epargne Bretagne Pays de Loire, BPCE Energeco (a subsidiary of BPCE Lease), Natixis Investment Managers, and Natixis Corporate & Investment Banking along with the Caisse d’Epargne fund dedicated to financing energy transition projects, for which this is the fourth transaction.  

Groupe BPCE highlighted its expertise in this sector, its active involvement with the industry’s principal players, and its strong local presence, all of which has enabled it to act at several levels, working in its capacity as an arranger, lender and hedging bank, as it has on other projects of a similar scale in the structuring process.

©éoliennes en mer des iles d’Yeu et de Noirmoutier