French bank Credit Agricole buys stakes in 11 wind farms
Sept 27 (Reuters) -French bank Credit Agricole CAGR.PA said on Friday that its Credit Agricole Transitions & Energies unit had bought stakes of up to 32% in 11 wind farms in France.
WHY IT'S IMPORTANT:
France hopes to have 45 gigawatts (GW) of offshore wind in operation by 2050 to achieve carbon neutrality. The country lags others in offshore wind due to complex permit procedures and multiple appeals lodged against projects.
Furthermore, the European Union wants more wind power in the region, having struck a deal in July with Deutsche Bank DBKGn.DE to finance more investments in this sector.
The EU wants banks to support increasing the roll-out of renewable energy to help meet climate policies and improve energy security in the wake of Russia's invasion of Ukraine.
CONTEXT:
A report earlier this month by the International Renewable Energy Agency (IRENA) showed that new renewable power capacity last year reached a record 473 gigawatts (GW).
BY THE NUMBERS:
European wind energy projects with a total of more than 500 GW of potential capacity are waiting for an answer to their requests for grid connections, across countries including France, Germany, Ireland, Poland and Spain, according to a July report from industry association WindEurope.
Reporting by Sudip Kar-Gupta; Editing by Alexander Smith
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