Lumo, a platform for crowdfunding of renewable energy projects, has been acquired by the French bank Societe Generale for an undisclosed amount. The acquisition would allow Societe Generale to “better support its major energy clients in developing their projects as requested by the French government’s Renewable Energy Liberation Plan,” it stated in a press release.
Founded in 2012, Lumo has facilitated financing of some 40 wind, solar, and hydroelectric projects. The total output of those, according to the company, exceeds 260 million kWh, which is enough to cover the electricity needs of some 100,000 households for a year.
“This acquisition is a clear recognition of the relevance of our model,” said Lumo co-founder and CEO Alexandre Raguet, who will stay at this position post-acquisition. “We are very excited about joining the Societe Generale Group and exposing Lumo to the bank’s expertise that will take it to a new level in its development strategy. We will also be able to meet our goal to develop useful and tangible projects that have a positive impact on our environment.”