Société Générale: agreement with the EIB to finance wind energy
January 16, 2025 at 02:20 am EST
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Societe Generale and the European Investment Bank (EIB) announce that they have signed an agreement as part of a new initiative to unlock up to eight billion euros of investment to support wind energy manufacturers in Europe.
The EIB will provide a counter-guarantee of 500 million euros, which Societe Generale will use to create a portfolio of bank guarantees worth up to one billion euros for new wind farm projects across the European Union.
The leverage effect of the EIB's counter-guarantee should mobilize additional funds from other investors to support increased production and accelerated development of wind energy.
This operation forms part of the EIB's €5 billion investment plan for wind power, announced by the EIB at COP28 in 2023 and activated in July and October 2024, in Germany and Italy respectively.
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Société Générale is one of the largest French banking groups. Net interest income breaks down by activity as follows:
- financing and investment banking (37.2%): specialized financing (for acquisitions, projects, etc.), activity on the stock, interest rate, currency exchange, and raw material markets, brokerage operations, merger-acquisition consulting, commercial banking activities, etc.;
- retail banking in France (31.8%; SG). The group also develops asset management and private banking activities (EUR 154 billion in assets under management in 2024), and provides insurance services, online banking and online brokerage services (Boursorama Banque) as well as an economic and financial information Website (boursorama.com);
- provision of specialized financial and insurance services (15.8%): consumer loan, leasing, management of car fleets, professional equipment financing and insurance;
- international retail banking (15.2%).
At the end of 2024, Société Générale managed EUR 525 billion in current deposits and EUR 454.6 billion in current credits.
Net interest income is distributed geographically as follows: France (41.5%), Europe (36%), Americas (9.4%), Africa (7.5%) and Asia and Oceania (5.6%).