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BNP Paribas Fortis powers LCL’s green energy transition
LCL is making a bold move towards energy self-sufficiency by investing €13 million in three wind turbines, which will become operational in 2025. The project, financed by BNP Paribas Fortis, sets yet another benchmark. “A data center producing its own renewable energy is unique in Belgium,” says Dieter Dirickx, Senior Green and Cleantech Advisor at BNP Paribas Fortis. “But it’s exactly the kind of project we want to support: one that reduces carbon dependence and secures long-term energy resilience.”
For BNP Paribas Fortis, sustainability is a key driver in financing decisions. The bank applies strict ESG screening criteria for corporate lending and has committed to aligning its loan portfolio with a net-zero economy by 2050.
Geneviève Ceulemans, Business Centre Manager at BNP Paribas Fortis, highlights the strategic importance of this financing deal: “LCL’s strong sustainability roadmap, combined with its stable business model, made this project a solid investment. It’s a win-win: LCL reduces its reliance on external energy providers, and we support the green transition in a sector with high energy demands.”
Why did BNP Paribas Fortis decide to finance LCL’s wind turbine project?
Dieter Dirickx: “A project like this ticks all the right boxes. First, LCL is a trusted partner with a strong track record in sustainable operations. Second, the financial structure was solid: we conducted a full risk assessment, ensuring that projected energy production and cost savings justified the investment. A key element was the P90 study, which forecasts wind energy output with 90% certainty. This, combined with high-quality turbine installations and long-term maintenance contracts, made the project bankable. We structured the financing as a Green Loan, aligned with Loan Market Association’s (LMA) principles, reinforcing the project’s environmental credibility.”
Geneviève Ceulemans: “We also assessed LCL’s broader sustainability strategy. They are already sourcing 100% renewable energy, optimising cooling efficiency, and setting clear carbon reduction targets. Financing their wind energy production aligns perfectly with our ESG lending framework.”
How does BNP Paribas Fortis evaluate sustainability in corporate lending?
Dieter Dirickx: “Sustainability is integrated into our lending decisions. When assessing credit applications, we evaluate the environmental impact of a company, its social responsibility, and its financial sustainability. We assess whether a company is actively reducing carbon emissions and increasing renewable energy use, whether it upholds strong governance, fair labour practices, community engagement, and whether it can maintain profitability while meeting ESG commitments. Each sector has its own specific ESG benchmarks. In energy, for example, we are reducing exposure to fossil fuel projects while increasing financing for low-carbon alternatives like wind and solar.”
Geneviève Ceulemans: “For data centers, the primary challenge is energy consumption. That’s why we look at metrics like Power Usage Effectiveness (PUE), renewable energy sourcing, and long-term efficiency improvements. A data center investing in its own renewable energy production, as LCL is doing, is a strong indicator of long-term sustainability.”
What are the challenges of financing sustainability projects?
Dieter Dirickx: “Sustainability projects, while essential, come with unique challenges. One of the biggest hurdles is technical risk: ensuring that renewable energy installations, such as wind turbines, operate efficiently over the long term. That’s why we conduct extensive quality control, including long-term maintenance agreements and technology assessments. Market risks also play a role. Fluctuating energy prices and uncertain demand can impact the financial viability of green projects. We mitigate this by working with companies like LCL that have a clear energy strategy and predictable consumption patterns.”
Geneviève Ceulemans: “Regulatory changes are another factor. The renewable energy sector is evolving rapidly, and government policies can shift, affecting subsidies or taxation. Companies need to be agile, and as a financial partner, we help them navigate these complexities. Reputation is also a consideration. Green financing is under increasing scrutiny, and we need to ensure that every project we finance is genuinely sustainable, avoiding any risks of greenwashing. That’s why we align with international standards like the Loan Market Association’s Green Loan Principles and demand transparency in ESG reporting from our borrowers.”
What is the long-term vision for sustainable finance at BNP Paribas Fortis?
Dieter Dirickx: “By 2027, BNP Paribas Fortis aims to have at least €20 billion in sustainable investments, up from €15 billion today. We’re gradually phasing out financing for oil and gas projects while increasing funding for low-carbon sectors like renewables, clean mobility, and green real estate.”
Geneviève Ceulemans: “We are also pushing for ESG to be a key factor in 100% of corporate loan applications. Companies that fail to meet sustainability criteria will find it increasingly difficult to secure financing. The shift is clear: businesses that embrace ESG will have better access to capital and stronger long-term growth prospects.”
What’s next for BNP Paribas Fortis and LCL?
Geneviève Ceulemans: “As regulations become stricter and corporate ESG targets more ambitious, we expect LCL to remain a frontrunner in green IT infrastructure. Future areas of collaboration could include financing battery storage solutions, energy efficiency upgrades, and potentially new sustainable data center developments.”
Dieter Dirickx: “LCL’s wind turbine project is just the beginning. We want to continue supporting forward-thinking companies that are serious about sustainability, ensuring that financial solutions accelerate the energy transition.”
