SocGen buys renewable energy crowdfunding platform

SocGen buys renewable energy crowdfunding platform

Societe Generale has acquired Lumo, a French crowdfunding platform for renewable energy projects. Financial terms of the deal were not disclosed.

Since launching in 2012, Luno has seen thousands of individual and business investors help get about 40 wind, solar and hydroelectric projects off the ground, creating enough green electricity to meet the annual energy needs of nearly 100,000 households.

SocGen says the acquisition helps it support its major energy clients develop green projects and opens the way for new types of digital services that are adapted to the needs and expectations of individual and corporate clients alike.

Jérôme Deflesselles, head, renewable energy, Europe, SocGen, says: "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.”

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