Since its creation, the platform has been used to collect funds from thousands of individual investors to help finance 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 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.
Jérôme Deflesselles, Head of Renewable Energy for Europe at Societe Generale, explained, “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 €100 billion ($116.6 billion) between 2016 and 2020 to finance the energy transition, €15 billion ($17.5 billion) of which is in the form of advisory services and financing.
“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,” concluded Alexandre Raguet, Lumo CEO and Co-Founder, who will retain his duties.
