Societe Generale has acquired renewable energy crowdfunding platform Lumo, a fintech company from France. Limo offers both businesses and individuals the opportunity to help finance a range of renewable energy projects in France. The platform has been used to finance around 40 wind, hydroelectric and solar projects. The electricity output of these projects amounts to more than 260 million kilowatt hours, enough to meet the needs of nearly 100,000 homes. A spokesperson for the French bank said the bank is committed to the positive transformation of societies and economies and the energy transition is key to this transformation and a priority the bank shares. The bank itself is aiming to raise 100 billion euros ($116.4 billion) between 2016 and 2020 in order to finance the energy transition. Among other things, it is also targeting a 25% reduction in carbon dioxide emissions per employee by 2020, compared to 2014.
