The Crédit Agricole bank, via its branch dedicated to the energy transition, announced Thursday that it is launching into the production and supply of renewable energies.
Through the company Selfee, of which it is a major shareholder, Crdit Agricole will produce and supply electricity from renewable sources locally for the benefit of developers, local authorities and consumers, details a press release.
The bank is targeting 500 megawatt hours (MWh) of low-carbon electricity supply in 2026 and 2 gigawatts (GW) of production capacity installed from assets held by the group in 2028, enough to satisfy its ambition to become a regional energy company.
It also provides for one billion euros of investment in renewable energies and, by combining the dimensions of energy performance and the environment, 19 billion euros of financing by 2030.
The bank offers this energy supply offer via its Transitions & energies division, dedicated to the energy transition and created last year.
This branch will also continue its consulting services, supporting the sobriety initiatives of its corporate clients (energy diagnosis, CSR strategy, carbon footprint, decarbonization plan, etc.), local authorities and individuals.
Crdit Agricole was recently singled out by a consortium of around ten European media, including the French daily Le Monde and the British newspaper The Guardian, for its links with the fossil fuel industry.
Between January 2016 and June 2023, no other French bank supported the oil and gas giants more in their bond financing operations, according to them, amounting to $351 billion over the period.