The International Financial Corporation, Asian Infrastructure Investment Bank and Proparco are lending Engie a €500m sustainability-linked green loan for renewable energy in emerging markets. IFC is mobilising capital from seven private credit insurers, bringing its contribution to €340m.
The debt is structured with sustainable performance targets in line with Engie’s goals to phase out coal by 2025 in continental Europe and by 2027 worldwide. Engie is looking to have a 50GW portfolio of renewables projects by 2025 and 80GW by 2030. The new debt will enable development of 1.7GW of renewables capacity by 2027 and will support Poland’s decarbonisation goals and promote energy security in South Africa, the IFC said. Engie subsidiary Engie Energia Chile in 2023 raised US$400m of debt from the IFC to increase the supply of clean energy in Chile.
