M&A: SocGen Buys Crowdfunding Platform Lumo

Photo by Jason Blackeye on Unsplash

Societe Generale, one of the largest financial services groups in Europe, announced the acquisition of Lumo, a French civic crowdfunding website which enables citizens to invest directly in renewable energy projects.

By acquiring this crowdfunding solution, Societe Generale can better support its major energy clients in developing their projects as requested by the French government’s Renewable Energy Liberation Plan, part of the Climate Plan, a press release states.  Financial terms of the deal were not disclosed.

Jérôme Deflesselles, Head of Renewable Energy for Europe at Societe Generale, explains:

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.

Since its creation, Lumo has been used to collect funds from thousands of individual investors in favour of the financing of approximately 40 wind, solar and hydroelectric projects with a total green electricity output of over 260 million kWh, or enough to cover the annual energy needs of almost 100,000 households.