Societe Generale buys French renewables crowdfunding platform Lumo
Wind turbines in France. Source: ABO Wind
French lender Societe Generale SA (EPA:GLE) announced on Thursday it has bought renewable energy crowdfunding platform operator Lumo, without providing financial details about the transaction.
The acquired fintech business gives both individuals and companies the chance to help finance a selection of renewable energy projects in France. So far, the platform has been used to gather funds for roughly 40 wind, solar and hydroelectric projects, which, together, can generate over 260 million kWh.
“This is a strategic acquisition that allows us to offer our clients an effective solution while rounding out our advisory services and arrangement offering,” said Jerome Deflesselles, Head of Renewable Energy for Europe at Societe Generale.
Societe Generale has pledged to raise EUR 100 billion (USD 116.6bn) in the period 2016-2020 to finance the energy transition. Of this sum, EUR 15 billion is in the form of advisory services and financing.