EIB lends EUR 800m to support energy transition grid investments in France

The European Investment Bank (EIB) will support investments by French electricity grid operator Enedis to help it connect more decentralised renewables generation and electric vehicle charging stations with an EUR-800-million (USD 853m) loan.

The bank last week signed the loan contract with power group EDF (EPA:EDF) which as a shareholder of Enedis has obtained the financing on behalf of the grid operator.

The funds will cover half of a total of EUR 1.67 billion of investments in more than 11,465 km (7,124 miles) of new distribution lines and related power transformation equipment over the 2022-2024 period.

The spending plans come as in 2050 electricity is expected to account for 55% of France’s final energy consumption. Renewable energy producers in the country have increased to more than 540,000, of whom around a third were self-consumers, at the end of 2021 from 3,000 in 2015. Photovoltaic systems are expected to reach between one and two million in 2028.

There are also more than 50,000 public charging stations currently connected to the Enedis grid.

(EUR 1 = USD 1.066)

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