1) The Caisse des Dépôts is a French public institution that supports renewable energy projects through minority equity investments. It has committed to increasing investments in renewable projects from €50-100 million per year. 2) The Caisse des Dépôts has invested in two floating offshore wind demonstration projects in France - Eolienne Flottantes du Golfe du Lion off the coast of Occitanie, and Eolienne Flottantes de Groix & Belle-Île off the coast of Brittany. 3) Lessons from developing floating offshore wind projects include the need to educate financial partners on emerging technologies, allow for project variations up to final investment

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2. #FWPAtlantic
CAISSE DES DÉPÔTS
Supporting demonstration projects in Marine Renewable
Energy with equity investments
eric.massart@caissedesdepots.fr
Direction des investissements et du développement local

3. 3
A State financial institution created in 1816 to serve France’s general interest and
economic development « supports the public policies pursued by State and
local authorities and may engage in competitive activities » (article L518-1 CMF)
Minority shareholder in renewable projects since 2007 (power and heat)
As from 2015/2017, commitments to be increased from 50 to 100 M€/year
Existing portfolio c. 250 M€, comprising 852 MWe and 56 MWth in operation
MRE INVESTMENTS WITHIN CAISSE DES DÉPÔTS
Assets* – section générale 2016 / €138 billion
* Indicative repartition based on 3 years average (unconsolidated)
Renewable
Infrastructure
Broadband…
Offshore wind at
CDC started with
French round 1 and
round 2
3 sites under
development with
IBERDROLA/RES and
with ENGIE/EDPR
17,50%
10%
2,50%
2,50%
32,50%
35%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
ST bonds &
loans
LT bond & loans
Real estate
Local
development
Equity portfolio
Affiliates &
strategic
shareholding
Ailes Marines
Eolien en Mer
Participations
CDC
LEEMVLEEMDT
LEFGL
Neoen Marine
Développement
LEFG&BI
30%
Avel Vor
100%
10% 10%
25%
20% 24,5%
35%

4. 4
FINANCING ENABLED BY TENDER RULES OF INVESTISSEMENTS
D’AVENIR – CHALLENGES REMAIN FOR SPONSORS
5 August 2015 - tender launched by
ADEME
• 4 sites
• 3 to 6 turbines > 5 MW, grid connected
• operation during 2 to 20 years
4 April 2016 - bids submitted and
assessment by ADEME
July/November 2016 – selection of 4
projects by ADEME
• a project awarded per site/24 MW
• 4 floating support solutions
• support during development (max 8 M€)
• investment aid split 50/50 between
subsidy and repayable loan (senior to
equity)
Financial support
provided at 3 phases
Devex & capex
(adjustment at FID
based on EYA, security
to be provided by
sponsors)
FiT at 240 €/MWh for
all projects, 20 years
(approved by CRE on
22 June 2017, final
arrêté pending)
State aid clearance to
be obtained mid 2018
Selection by ADEME
after detailed
assessment
Competition among
sites and consortiums
Maturity of
technology and
project
Financial soundness of
project and
commercial
perspectives
Project life monitored
by State services until
decommissioning
Long stop dates for
FID and COD
(June & Sept. 2021)
Deliverables at key
milestones to
evidence progress
Repayment of loan
based on farm
performance and
sales of floater & WTG

5. 5
EOLIENNES FLOTTANTES DU GOLFE DU LION
Project description Bid submission with ENGIE and EDPR
Location 16 km from Leucate and
Barcarès (Occitanie)
area of 16 km²
1. joint experience with 2 fixed offshore
projects
Depth up to 70 m
catenary mooring
2. Principal Power solution tested at
Windfloat in Portugal during 5 years
Industrial
partners
4 Haliade 150-6 MW on
a steel, semi-
submersible support
3. local benefits with Eiffage in Fos-sur-
Mer, GE in St-Nazaire, PPI in Aix-en-
Provence, industrial & logistic base in
Port-la-Nouvelle
Estimated cost c. 180 M€ 4. favorable site conditions (wind, soil),
with specific challenges (biodiversity)
ENGIE (45%), EDPR (35%) and CDC (20%) funding development up to FID under a
shareholders’ agreement – project financing envisaged for FID
© Principal Power /General Electric

6. 6
EOLIENNES FLOTTANTES DE GROIX & BELLE-ÎLE
Project description Developement with Eolfi, CGN and
Meridiam
Location 13 km from Groix /28 km
from continent
17 km² (Bretagne)
1. project supported by Région Bretagne
since 2013 (Conférence Régionale Mer
et Littoral)
Depth 60 to 70 m
3x2 mooring lines
2. Atlantic conditions, worth testing in
view of commercial tenders
Industrial
partners
4 Haliade 150-6 MW on
a steel/concrete, semi-
submersible support
3. local benefits with DCNS in Brest and
GE in St-Nazaire
Estimated cost c. 200 M€ 4. only one consortium bidding for the
Groix zone
EOLFI/CGN Europe Energy (51%), MERIDIAM (24,5%) and CDC (24,5%) funding
development up to FID under a shareholders’ agreement – project financing envisaged
for FID or operation
© Naval Energie /General Electric

7. 7
LESSONS LEARNT… OR BEING LEARNT
Emerging technology implies sharing of valuable information
• Financial partners need to be educated by industry players
• Confidentiality is key, cooperation as well
• Even for a public entity, exclusivity works better during bid phase
Be prepared for project variations up to FID – time for project finance
• Development & technology risks create challenges for standard project finance framework
• Project design and industry-wide innovations bring improvements to business case
• Public support rarely accounts for cost overruns and delays
Tailor partnership to specific project features
• Team up with partners able to provide adequate industry expertise and long-term commitment
• Invest ressources early and follow project development in all dimensions
• Diversified experiences help to assess project development and technology progress