Banking giant Societe Generale has bought renewable energy crowdfunding platform Lumo, it said in an announcement Thursday. Lumo, a fintech company from France, offers both businesses and individuals the opportunity to help finance a range of renewable energy projects in France.
The platform has been used to finance around 40 wind, hydroelectric and solar projects. The electricity output of these projects amounts to more than 260 million kilowatt hours, Societe Generale said, enough to meet the needs of nearly 100,000 homes.
“Societe Generale is committed to the positive transformation of our societies and economies,” Pierre Palmieri, head of global finance and head of sustainable and positive impact finance at Societe Generale, said in a statement.
“The energy transition is key to this transformation and a priority we share,” he added. “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.”
Societe Generale described itself as being “fully committed to the renewable energy sector” and is aiming to raise 100 billion euros ($116.4 billion) between 2016 and 2020 in order to finance the energy transition. Among other things, it is also targeting a 25 percent reduction in carbon dioxide emissions per employee by 2020, compared to 2014.
Alexandre Raguet, the co-founder and CEO of Lumo, described Societe Generale’s acquisition of his company as “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,” Raguet added. “We will also be able to meet our goal to develop useful and tangible projects that have a positive impact on our environment.”