Banking titan Societe Generale has bought renewable energy crowdfunding platform Lumo, it express in an announcement Thursday.
Lumo, a fintech company from France, furnishes both businesses and individuals the opportunity to help finance a range of renewable vigour projects in France.
The platform has been used to finance around 40 rot, hydroelectric and solar projects. The electricity output of these projects amounts to profuse than 260 million kilowatt hours, Societe Generale declared, enough to meet the needs of nearly 100,000 homes.
“Societe Generale is guaranteed to the positive transformation of our societies and economies,” Pierre Palmieri, head of international finance and head of sustainable and positive impact finance at Societe Generale, judged in a statement.
“The energy transition is key to this transformation and a priority we share,” he added. “With this records, we are reaffirming our willingness to continually adapt our sustainable and positive impact subsidize approach by drawing on our innovative skills and pioneering spirit to support the vigour transition.”
Societe Generale described itself as being “fully sentenced to the renewable energy sector” and is aiming to raise 100 billion euros ($116.4 billion) between 2016 and 2020 in disposal to finance the energy transition. Among other things, it is also end a 25 percent reduction in carbon dioxide emissions per employee by 2020, compared to 2014.
Alexandre Raguet, the co-founder and CEO of Lumo, painted Societe Generale’s acquisition of his company as “a clear recognition of the relevance of our mark.”
“We are very excited about joining the Societe Generale Group and disclosing Lumo to the bank’s expertise that will take it to a new level in its circumstance strategy,” Raguet added. “We will also be able to meet our purpose to develop useful and tangible projects that have a positive impact on our atmosphere.”