France-based ENGIE S.A. has secured a €500 million ($534 million) sustainability-linked loan from the International Finance Corporation (IFC), part of the World Bank Group. According to ENGIE, the loan will support Poland’s decarbonization goals and support energy security in South Africa through renewable energy projects. The financing, co-led by the Asian Infrastructure Investment Bank (AIIB) and Proparco, represents IFC’s largest credit insurance mobilization for a single client, with an additional €340 million backed by seven private credit insurers. With aims to phase out coal by 2025 in Europe and globally by 2027, ENGIE targets 50 GW of renewable energy by 2025 and 80 GW by 2030. ENGIE claims the loan will facilitate 1.7 GW of new renewable projects by 2027, avoiding 3.9 million metric tons of CO2 annually.
IFC lends €500M to ENGIE to develop 1.7 GW renewables
The €500M green loan from IFC enables ENGIE to expand its renewable energy portfolio, particularly in South Africa and Poland. (Image Source: ENGIE)
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