The renewable energy financing market in France

In France, debt represents about 80% of the total investment cost of photovoltaic and wind projects, according to I4CE, and it is partly provided by public banks, notably Bpifrance. Project developers borrow easily thanks to the remuneration supplement paid by the State: it covers the gap when the wholesale electricity price is below the cost of production. In 2022 and 2023, higher prices reversed the flow, with producers paying money back to the State.

The Commission de régulation de l’énergie (CRE, the French energy regulator) puts public energy service charges at €12.94 billion for 2026, after €10.9 billion re-estimated for 2025, of which €9.7 billion is borne each year by the State budget. These charges are mainly linked to renewables support and tariff equalisation. They fund the feed-in tariffs and remuneration supplements that secure the revenues of renewable energy producers in France.

According to Financement Participatif France, renewable energy crowdfunding raised €368 million in 2023, up 11.5%, or 17.6% of the €2,089 million raised by the whole sector in France. It covered 351 projects, 79% of them in solar. The platform Enerfip, which specialises in this field, claimed more than €440 million raised for 500 projects since 2014, according to Le Journal des Entreprises, February 2024.

Commercial and public banks dominate renewable energy financing in France. According to Le Journal des Entreprises, February 2026, the Normandy-based producer JP Énergie Environnement carried out the largest refinancing deal in the French sector in 2025: €430 million, provided by ten banks including Bpifrance, CIC, Société Générale and seven entities of the Crédit Agricole group, for 427 MW of wind and solar. The European Investment Bank also lends to French projects, according to I4CE.

Photovoltaics drive renewable energy investment in France: €7.1 billion in 2024, up 17% year on year, according to I4CE. By contrast, wind investment fell by 38% in 2024, with offshore wind going through a gap in its project calendar and onshore wind still held back by legal challenges. Biomethane injection declines after the cut in feed-in tariffs. I4CE expects a recovery in 2025 with offshore wind construction and large solar plants.

A PDF report in French, 2026 edition, organised in six chapters: the market and its scope, investment and its dynamics, financing demand, supply and financiers, the regulatory framework and public support, and outlook.

The work of I4CE, the deliberations of the Commission de régulation de l’énergie, the Financement Participatif France barometers, and trade press articles from the IndexPresse database. Every figure comes with its source and period.

Yes. The study is updated before it is sent, within 48 hours at most: it includes the latest published data, and every figure comes with its source and period.

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