18-11-2022

Crédit Agricole CIB

EDF and Crédit Agricole CIB sign a financing agreement dedicated to the maintenance of French nuclear power plants

EDF and Crédit Agricole CIB announce the signature of a €1 billion bilateral green loan dedicated to finance the maintenance of existing power plants in France.

EDF and Crédit Agricole CIB sign a financing agreement  dedicated to the maintenance of French nuclear power plants

With this deal, EDF and Crédit Agricole CIB have agreed the first transaction in which the funds will be entirely dedicated to the investments made for EDF’s nuclear activities, the first of its kind worldwide in the energy transition field. The loan is part of the “Grand Carénage” (Major Refit), a major industrial programme led by EDF, aimed at improving security and pursuing the operating life of nuclear reactors beyond 40 years.

French nuclear power plants produce very low carbon electricity, with 4g CO2 equivalent per kWh over the life cycle according to a study[1] published by EDF in 2022 and reviewed by independent experts.

EDF Group is the world’s leading electricity producer with no direct CO2 emissions (source ENERDATA[2]). Moreover, in 2018, the Group made a commitment to help achieve carbon neutrality by 2050 and defined greenhouse gas reduction targets for 2030 with milestones in 2023, covering both its direct emissions (scope 1) and its indirect emissions (scope 2 and 3). These goals were approved as part of a "Well Below 2°C" trajectory by the Science Based Targets initiative.

This transaction complies with EDF’s July 2022 Green Financing Framework which was independently reviewed by CICERO Shades of Green. It also complies with the best practices of the Green Loan market (Green Loan Principles of the Loan Syndications and Trading Association (LSTA)).

In addition to the noteworthy benefits in the fight against climate change, this agreement highlights the interest of Crédit Agricole group for EDF’s projects, whose economic impacts in France are very significant.

Xavier Girre, Group Executive Director in charge of EDF’s Finance department, explains: “This new transaction proves EDF continues to innovate with its green finance tools and confirms the major role of nuclear energy in the fight against global warming.”

Xavier Musca, Crédit Agricole CIB’s Chief Executive Officer, adds: “We are proud to support EDF in this major transaction which significantly contributes to the country’s energy security and confirms our shared goals in terms of decarbonisation and compliance with the Paris agreement’s Net Zero trajectory.”

 

 

  1. ^ [1] Study in French available here: https://www.edf.fr/groupe-edf/produire-une-energie-respectueuse-du-climat/lenergie-nucleaire/notre-vision/analyse-cycle-de-vie-du-kwh-nucleaire-dedf
  2. ^ [2] Source : ENERDATA, 2021

As a major player in energy transition, the EDF Group is an integrated energy company active in all businesses: generation, transmission, distribution, energy trading, energy sales and energy services. EDF group is a world leader in low-carbon energy, having developed a diverse production mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group is involved in supplying energy and services to approximately 38.5 million customers (1), of whom 29.3 million in France (2).It generated consolidated sales of €84.5 billion in 2021. EDF is listed on the Paris Stock Exchange.

(1) Since 2018, customers are counted per delivery site. A customer can have two delivery points: one for electricity and another one for gas.

(2) Including ÉS (Électricité de Strasbourg) and SEI.

Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2022). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.

For more information, please visit www.ca-cib.com

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