Daily News: July 22, 2019

Crédit Agricole, Societe Generale Lead $6.73MM Revolvers for EDF


EDF signed two €300 million ($3.37 million) sustainability-indexed revolving credit facilities (RCF), which incorporate a pricing adjustment based on EDF’s sustainability performance linked to CO2 emissions and energy efficiency.

One facility was signed with the Group Crédit Agricole led by Crédit Agricole, including LCL and Crédit Agricole d’Ile-de-France, another one with Societe Generale.

Both RCFs incorporate an adjustment mechanism that links the cost of the facilities to three of EDF’s sustainability KPIs: direct CO2 emissions, customers’ use of online consumption monitoring tools (as a proxy of EDF’s success in getting French residential customers actively engaged on their consumption) and electrification of its light vehicle fleet.

With these agreements following on from three previous sustainability-linked loans signed in 2017, 2018 and 2019, EDF confirms that responsible finance instruments play a central role in its financing strategy. RCFs with an ESG indexation now represent a total of more than €5 billion, i.e. around 45% of EDF Group credit lines.

Xavier Girre, senior executive vice-president, CFO of EDF, said, “These two new facilities demonstrate EDF’s strong commitments in terms of corporate social responsibility by strengthening the link between its sustainability performance and financing strategy. With over €5 billion ($5.61 billion) of sustainability-linked credit facilities and €4.5 billion ($5 billion) in outstanding Green Bonds, sustainable finance instruments have become ever more core to EDF’s financing.”

The EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services.