The European Investment Bank (EIB) has signed a €500 million financing agreement with EDF, acting as the shareholder of French power grid operator Enedis, to support the modernisation and climate resilience of the public electricity grid across France.

This funding marks the second phase of a broader €1 billion financing programme for 2024-2025. The initiative aims to improve the grid's resilience to climate impacts and support the integration of decentralised renewable energy sources. Nearly 90% of France's wind and solar power is currently fed into the Enedis-managed network.

The loan will help finance the connection of 7 GW of renewable generation capacity and the upgrade or underground installation of 2,500 km of power distribution lines. The effort aligns with the EU's REPowerEU strategy and Green Deal goals, including carbon neutrality by 2050 and a 55% emissions reduction by 2030.

Bernard Fontana, Chairman and CEO of EDF, called the financing "an important milestone" for Enedis' public service mission. Ambroise Fayolle, EIB Vice-President, highlighted the bank's pivotal role in Europe's energy transition, stating that in 2024 the EIB mobilised 40% of Europe's investment in energy infrastructure.

As electricity is projected to represent 55% of France's final energy use by 2050, the investment supports both decarbonisation and energy security across the country.

Source: eib.org