Societe Generale has acquired Lumo, a renewable energy crowdfunding platform.
Lumo is a French fintech that since 2012 has been combining leading expertise in crowdfunding and renewable energies to accelerate the energy transition. It gives individuals and companies the opportunity to help finance a selection of renewable energy projects in France.
Since its creation, the platform has been used to collect funds from thousands of individual investors in favour of the financing of approximately 40 wind, solar and hydroelectric projects with a total green electricity output of over 260 million kWh, or enough to cover the annual energy needs of almost 100,000 households.
By acquiring this crowdfunding solution, Societe Generale, a renewable energy financing leader, can better support its major energy clients in developing their projects as requested by the French government’s Renewable Energy Liberation Plan, part of the Climate Plan.
Jointly initiated by Societe Generale’s Global Finance Incubator and the renewable energy specialists, this acquisition is also fully in line with the Bank’s open innovation strategy to cultivate an open, agile and focused approach to the development of our delivery models and expertise. It opens the way for new types of digital services that are adapted to the needs and expectations of individual and corporate clients alike.
Societe Generale renewable energy Europe head Jérôme Deflesselles said: “Societe Generale has been serving the needs of energy players and renewable energy developers for over 10 years. This is a strategic acquisition that allows us to offer our clients an effective solution while rounding out our advisory services and arrangement offering.”
The Bank is already fully committed to the renewable energy sector and aims to raise €100bn between 2016 and 2020 to finance the energy transition, €15bn of which is in the form of advisory services and financing.
Global Finance Head & Sustainable and Positive Impact Finance Head Pierre Palmieri said: “Societe Generale is committed to the positive transformation of our societies and economies. The energy transition is key to this transformation and a priority we share. With this transaction, we are reaffirming our willingness to continually adapt our sustainable and positive impact finance approach by drawing on our innovative skills and pioneering spirit to support the energy transition.”
Lumo CEO and co-founder Alexandre Raguet said: “This acquisition is a clear recognition of the relevance of our model. We are very excited about joining the Societe Generale Group and exposing Lumo to the bank’s expertise that will take it to a new level in its development strategy. We will also be able to meet our goal to develop useful and tangible projects that have a positive impact on our environment.”
Source: Company Press Release