Financing and rating

We implement a conservative financial policy to sustain high levels of performance. The stability of the tariff framework set by the French Energy Regulatory Commission (CRE) has enabled us to keep our finances balanced. Thanks to our reliable economic model, we have access to highly competitive financing rates. We have subsidised the majority of our own projects, investing €1.72 billion in 2022.

In addition to the above, we have access to four diversified sources of funding:

• A medium-and long-term loan programme known as EMTN (Euro Medium Term Note) introduced in 2006. The aggregate nominal amount of Notes outstanding is €9.35 billion.
• Credit lines with the European Investment Bank (EIB): In June 2015, RTE and the EIB signed a new financing agreement to continue optimising the French transmission network. Funding by the EIB amounts to €1.150 M.
• Short-term loans in the form of treasury notes eligible for Banque de France transactions.
• Credit facilities: Succeeding to the previous credit facility maturing in June 2023, Rte entered in December 2022 into a €1.250 billion syndicated credit facility agreed with a pool of 8 leading banks. This facility due to mature in December 2027 with two one-year extension options each.

EMTN Program

Read more about our different financing methods.

Medium and long-term loans

When RTE was set up, an EMTN loan programme (Euro Medium Term Note) signed by the Financial Markets Authority (FMA) was implemented on 1 September 2006. It forms the legal basis for RTE bond issues. Registered in Paris, it is updated once a year (FMA signature 22-269 of July 5, 2022). The aggregate nominal amount of Notes outstanding is €9.35 billion.

Loans issued by the European Investment Bank (EIB)

Since 2009, RTE has had a credit line of €400 million, used to finance various network development projects

In October 2011 and February 2012, RTE signed loan agreement in two instalments with the EIB for a total of €175 million: this loan is being used to finance the France/Spain interconnector, the first terrestrial trans-European direct current link using innovative converter technology.
 
In March 2013, RTE and the EIB signed a new financing agreement to optimise the French electricity transmission network. RTE has a €500 million credit line of which the first instalment (€300 million) was signed on 20 March 2013 and the second instalment (€200 million) on 24 April 2014.
 
In June 2015, RTE and the European Investment Bank (EIB) have strengthened their partnership by signing a new €500 million loan agreement. This contract will help finance 35 projects carried out over a period of 5 years. These are designed to strengthen the security of supply, improve the quality of electricity and enhance the power grid's contribution to a successful energy transition. The EIB will cover around 40% of the investment costs of the 35 projects selected in a variety of French regions (€1.2 billion).

Short-term loans

Since 2006, RTE has subscribed to a programme of treasury notes eligible for Banque de France transactions. The maximum amount that can be used under this programme is €1.5 billion.

Credit facilities

Succeeding to the previous credit facility, RTE has a €1.250 billion syndicated credit facility agreed with a pool of 8 leading banks. This facility due to mature in December 2027 with two one-year extension options each, until December 2029.