Litto Invest weighs anchor. With the support of private partners and the Region’s council, Crédit Maritime Atlantique has established a new investment fund. Its aim: to invest in economic activity along the Pays de la Loire coast, with a particular focus on the marine renewable energy sector.
It’s a first in France. French bank Crédit Maritime Atlantique has launched an investment fund dedicated to the coastal economy, which aims to consolidate investment in the tourism, real estate, renewable energy and fishing sectors. Litto Invest is the simplified joint stock company (‘SAS’) that has been created to manage the fund.
More than two million euros have already been placed in the fund, mostly by private investors. The company brings together several players associated with the Crédit Maritime Atlantique: the Banque Populaire Atlantique, EDF Énergies Nouvelles, OP Vendée* and the Acav.** The objective is to invest nine million euros over three years, placing between €200k et €500k in each project.
The sole public partner, the Pays de la Loire Region, has committed in principle to a holding of €4.5m. in the fund. “We want to use the widest variety of means to sustain the coastal economy,” explained Christophe Clergeau, 1st vice-president of the Pays de la Loire Region. “so Litto Invest is a very positive initiative that fully deserves the Region’s support.”
*A Vendée producers’ organization.
**A Vendée boat outfitting cooperative.
Further information: www.atlantique.creditmaritime.fr