At BNP Paribas Leasing Solutions, we believe the circular economy is not achieved through declarations alone. It is built through practical models that prioritise usage over ownership, maximise material efficiency, and extract full value from the resources embedded in every asset.
Our partnership with Aprolis is a clear example of how this ambition is translated into action – turning equipment financing into a driver of durability, reuse, and long-term performance.
The joint venture Aprolis Finance*, created by Aprolis and BNP Paribas Leasing Solutions, is a perfect illustration of this approach.
Aprolis: A model built on subscription and durability
A subsidiary of the Monnoyeur Group*, Aprolis specialises in full-service rental for material handling equipment. Its business model is rooted in a core circular principle: maximise the intensity and lifespan of each machine before new resources are consumed.
Forklifts and pallet trucks typically have a lifecycle of around 15 years or 15,000 operating hours, enabling two to three successive usage cycles. To fully unlock this potential, Aprolis has invested in a dedicated reconditioning centre in Calais, focused on refurbishing equipment at the end of its first rental contract (after around five years). Rather than replacing assets prematurely, Aprolis extends their productive life, ensuring that the materials, energy, and manufacturing effort embedded in each unit are fully utilised. text, leasing can act as a connector between manufacturers, users, service providers and second-life operators – helping to build more integrated lifecycle ecosystems.
Reconditioning: Extending value, reducing negative impact
At the Calais centre, machines undergo a complete inspection, refurbishment, and certification process aligned with “Gold and “Silver” quality standards. This includes:
- Mechanical and safety upgrades
- Performance optimisation
- Used component replacement
- Quality certification
For electric forklifts, refurbishment may also include replacing lead-acid batteries with lithium technology, improving energy efficiency, reducing environmental impact, and extending operational life.
Once reconditioned, equipment is returned to the rental fleet with a warranty. Each additional usage cycle extracts more value from the original materials and significantly reduces the need for new production. After multiple cycles, machines may still serve occasional or secondary needs before being recycled or dismantled for parts reuse at end of life.
This approach can save up to 89% of CO₂ emissions compared with manufacturing a new unit – while delivering reliable, ready-to-deploy solutions for customers. are still developing, they illustrate how usage-based approaches can further align economic and environmental objectives.
“Reconditioning and full‑service rental allow us to combine economic performance with environmental responsibility. It’s a key lever to reduce our impact while meeting the real needs of our clients.”
Benjamin de Castelnau, CEO of Aprolis
Aprolis Finance: enabling long-term susbscription
For more than 30 years, BNP Paribas Leasing Solutions has supported this model through the Aprolis Finance joint venture.
This long-term financing approach aligns economic performance with material efficiency and lifecycle optimisation. The partnership demonstrates how leasing, when designed with a long-term perspective, becomes a catalyst for sustainable resource use by:
- Prioritising usage over ownership
- Extending equipment lifespans
- Supporting refurbishment and reuse
- Limiting waste and material loss
Together, we are proving that usage is not only an economic lever – it is a sustainability lever, enabling businesses to extract full value from the resources they rely on, while building a more sustainable and shared future.
* Aprolis Finance is a joint venture owned 51% by BNP Paribas Leasing Solutions and 49% by Aprolis.
**The Monnoyeur Group is an international family-owned group specialising in the distribution of industrial, energy, construction, and agricultural equipment.
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At BNP Paribas Leasing Solutions, our purpose is clear: we are committed to unlocking the circular economy to sustain the world we share.
This purpose reflects an ambition. It recognises both the urgency of environmental challenges and the responsibility of financial services to support more sustainable models of production and consumption. It guides our long-term direction and informs how we work with partners at a time when organisations are rethinking business models to balance performance, resilience and sustainability.
We are not claiming to have “solved” circularity. We are on a journey – working step by step with our partners to make circular practices more mature, more scalable and more impactful over time.
What the Circular Economy Means – and Why It Matters
The circular economy offers an alternative to the traditional linear model of take, make, use, dispose. Instead, it aims to:
- reduce pressure on natural resources
- extend the useful life of products and components
- keep materials and assets in circulation for longer through reuse, refurbishment, remanufacturing and recycling
This transition is now a priority in Europe, notably through the European Commission’s Circular Economy Action Plan, which encourages longer product lifespans, improved end-of-life management, and the development of usage-based economic models.
Beyond environmental considerations, circularity also represents a significant economic opportunity. According to the Ellen MacArthur Foundation, circular business models could unlock trillions of dollars of value globally, while helping rebalance resource consumption with ecosystem regeneration.
For businesses, this means rethinking not only how products are designed and manufactured, but also how they are financed, maintained, used and recovered.
Why Usage Matters More Than Ownership
At BNP Paribas Leasing Solutions, we see use rather than ownership as a practical lever for advancing circularity.
When assets are financed through usage-based models such as leasing or rental, responsibility for performance and value is shared across the lifecycle. This creates incentives to manage equipment more actively and sustainably.
In practice, usage models can help to:
- optimise asset utilisation through monitoring, servicing and structured maintenance programmes
- extend lifecycles by enabling repair, refurbishment and component replacement rather than premature disposal
- improve end-of-use outcomes by facilitating asset recovery for reuse or recycling
Crucially, usage models make it easier to keep assets within professional management frameworks, where their condition, performance and residual value can be actively managed over time.
Our Commitment in Action
Bringing our purpose to life means working collaboratively across the value chain.
Today, our focus is on:
- supporting partners in developing usage-based commercial offers
- integrating financing into asset lifecycle strategies
- helping to develop secondary markets and asset recovery processes
We recognise that progress depends on collective action. Circularity cannot be delivered by finance alone. It requires alignment between manufacturers, service providers, users, recyclers and policymakers. Our role is to help connect these stakeholders and remove financial barriers to more sustainable practices.
A Journey Towards a Sustainable and Shared Future
At BNP Paribas Leasing Solutions, we do more than finance equipment. We support businesses in moving towards more sustainable patterns of consumption – where value is created through performance and longevity, not volume and disposability.
We are still building capabilities. Many circular models remain at an early stage. Measurement frameworks, infrastructure and market maturity continue to evolve. There is more to do.
But by focusing on usage, partnerships and lifecycle management, we are laying practical foundations for progress.
Our purpose reflects this long-term commitment: to unlock the circular economy to sustain the world we share – step by step, together with our partners and clients.
In today’s leasing industry where resilience and value creation are critical success factors, BNP Paribas Leasing Solutions stands out as a key player in the “Asset Finance Europe 50 / 2025” ranking, which profiles the top 50 European equipment finance providers. This industry benchmark highlights the innovation capacity, resilience, and growth of European leaders in a demanding economic environment.
A European leader
BNP Paribas Leasing Solutions ranks among the Top 5 lenders by outstandings and also wins the award for Strongest growth in five years (€). This double recognition underscores the strength of its business model, the relevance of its strategy, and the commitment of its teams to support companies in their transition toward a more sustainable and circular economy.
A sustainable future for the leasing industry
In the 2025 report, Pascal Layan, Deputy CEO of BNP Paribas Leasing Solutions, shared his vision for the future of leasing and the challenges the industry must address to meet the expectations of clients and regulators. According to Pascal, the Product-as-a-Service (PaaS) model is set to play a key role in this transition, offering companies a more flexible and sustainable way to access the equipment and services they need.
This innovative model, which prioritizes usage over ownership, enables companies to access cutting-edge technologies without heavy upfront investment, while promoting circularity and equipment sustainability.
According to Pascal Layan, PaaS is now a concrete response to the challenges of ecological transition, economic volatility, and evolving partner and client expectations. It offers:
- For clients: PaaS enables rapid equipment acquisition without tying up capital, while providing full support. It facilitates the adoption of new technologies, optimizes operating costs, and reduces environmental impact.
- For manufacturers: This model paves the way for recurring revenues and stronger customer relationships. It also encourages eco-design by integrating repairability, modularity, and recyclability criteria from the design phase.
- For financiers: PaaS aligns offerings with ESG (Environmental, Social, Governance) priorities, secures financial flows through long-term contracts, and actively supports the circular economy.
A strong commitment to sustainability
BNP Paribas Leasing Solutions is actively committed to promoting more responsible economic models by facilitating access to equipment and supporting its clients in their transition to more sustainable practices. This approach is fully aligned with the European momentum for sustainable finance and the circular economy, as highlighted in the report.
Want to learn more about our solutions or the Product-as-a-Service model? Contact our teams
This article is based on the “Asset Finance Europe 50 / 2025” report published by Asset Finance Policy and Asset Finance Connect, with contributions from Pascal Layan, Deputy CEO of BNP Paribas Leasing Solutions.
Paris, France – 29th September 2025 – New leasing model enables increased access to Epson technology while Epson retains end-of-lease ownership, supporting refurbishment, reuse, and recycling initiatives
Epson today announced a new strategic business model designed to make its technology more accessible for large corporate and public sector organisations, while advancing its sustainability commitments. In partnership with BNP Paribas Leasing Solutions, a European leader in equipment financing, Epson will introduce a comprehensive leasing programme covering its entire product portfolio.
“This is a significant strategic milestone for Epson and will help us better support large scale customer requirements through a more competitive proposition,” says Rob Clark, COO, Epson Europe. “The solution means our customers can access the latest Epson technology without the burden of up-front investment.”
The leasing programme spans Epson’s full range of solutions – from business printing and scanning to projection, retail technologies, industrial print and robotics, including its latest collaborative robots. Customers will also benefit from 360° support delivered through Epson’s partners providing fleet management, maintenance and servicing solutions, enhanced by Epson’s open API to enable integration with partners’ management platforms.
A unique feature of the model is Epson’s retention of product ownership at the end-of-lease, ensuring all equipment is returned for refurbishment, reuse or recycling. This closed-loop approach is central to Epson’s corporate vision and helps prevent products from entering secondary “grey” markets or being disposed of inappropriately.
“We already manage our own innovation and manufacturing facilities,” explained Richard Wells, Head of Market Development, Epson Europe. “Retaining control of products at the end of their life means we can extend resource use, reduce waste and further minimise environmental impact.”
From a financing perspective, leasing offers customers predictable costs, improved cash flow, and greater flexibility. Pascale Favre, MD of the Technology and Lifecycle Solutions business line at BNP Paribas Leasing Solutions, added: “We’re delighted to partner with Epson on this innovative programme. Leasing not only makes Epson’s cutting-edge technology more accessible, it also helps organisations manage risk and align with more sustainable business practices. Together, we’re enabling smarter, more responsible financing models for the future.”
– ENDS –
ABOUT EPSON
Epson is a global technology leader dedicated to co-creating sustainability and enriching communities by leveraging its efficient, compact, and precision technologies and digital technologies to connect people, things, and information. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson will become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of around JPY 1 trillion.
ABOUT BNP PARIBAS LEASING SOLUTIONS
BNP Paribas Leasing Solutions offers capital-efficient business equipment financing solutions in key sectors including agriculture, construction, transportation, materials handling, ICT, healthcare, and green tech. Drawing on its 70-year history, its partners and clients rely on its market expertise, asset know-how, and advisory services to propel their growth, transformation, and transition to a low-carbon circular economy. Present in 18 countries across Europe and Türkiye, and employing over 3 000 experts, BNP Paribas Leasing Solutions also offers vendor finance solutions in the USA and Canada in partnership with Bank of Montreal, and in China through a joint venture with Jiangsu Financial Leasing.
In 2024, BNP Paribas Leasing Solutions advanced €16.3 billion in asset finance and presently manages a €40.4 billion leased asset portfolio. BNP Paribas Leasing Solutions is fully owned by BNP Paribas and is positioned within the Group’s Commercial, Personal Banking & Services division.
As climate change intensifies and resources become increasingly scarce, the traditional linear model of produce – consume – discard is no longer sustainable. Industries, governments, and consumers are all searching for smarter, more resilient alternatives.
The circular economy provides that alternative. By maximizing resource efficiency, extending equipment lifespans, and reducing waste, it helps both the environment and the bottom line. According to research from the Ellen MacArthur Foundation, the transition could unlock $4.5 trillion in economic benefits by 2030.
One powerful and often underappreciated enabler of this transition is leasing in the circular economy.
Leasing and the Circular Economy: A Natural Fit
Built on the principle of access over ownership, leasing sits at the heart of circular thinking. Instead of businesses purchasing equipment outright, leasing allows them to use assets for a defined period. At the end of the term, these assets can be recovered, refurbished, reused, or recycled – keeping products and materials in use longer and reducing waste.
According to Leaseurope, leasing supports circular business models by enabling:
- End-to-end lifecycle management of equipment
- Reduced obsolescence, thanks to upgrade and return options
- Improved resource efficiency across manufacturing, logistics, and end-of-life processes
A Powerful Tool for Sustainable Business
Shifting to usage-based business models helps companies become more agile, cost – effective, and environmentally responsible. The World Economic Forum highlights that these models – such as leasing – can cut CO₂ emissions by up to 20% in certain industrial sectors.
Key business advantages of leasing:
- Access to high-performance equipment without large upfront costs
- Lower Total Cost of Ownership (TCO) over time
- Improved ESG performance through smart, sustainable asset management
Leasing transcends traditional financing. It becomes a catalyst for both commercial growth and environmental leadership.
The Role of Leasing Providers
Leasing providers are the central champions of circularity – they orchestrate sustainable solutions across industries.
At BNP Paribas Leasing Solutions, we partner with clients to bring these models to life by:
- Ensuring asset traceability from deployment through return
- Managing “second – life” strategies, including refurbishment and remarketing
- Designing comprehensive, circular solutions with maintenance, upgrades, insurance, and recycling built in
This approach ensures businesses remain competitive while aligning with global sustainability goals.
Conclusion
Leasing is far more than a financing tool – it’s a catalyst for the circular economy. It brings the usage – based model into reality, aligning sustainability with operational efficiency and financial performance.
At BNP Paribas Leasing Solutions, we believe the future of leasing is circular. And we’re already building the solutions today to make that future sustainable, scalable, and commercially successful.
Partner With Us:
Explore how BNP Paribas Leasing Solutions supports businesses in building resilient, circular models for the future.
PaaS can accelerate the transition to a Circular Economy by extending the lifespan of assets and maximising resource utilisation.
BNP Paribas Leasing Solutions, has published an in-depth research report spanning industries including IT, green technology, agriculture, healthcare, transportation, and construction, unveiling the transformative potential of Product as a Service (PaaS) in enabling the Circular Economy. The report titled, “The Circular Opportunity – Harnessing the Power of Product-as-a-Service”, presents a clear case for PaaS as a practical, scalable business model for driving sustainable change.
The report not only demonstrates the environmental benefits of PaaS but also highlights its economic value. Business can decouple growth from resource consumption while addressing challenges such as supply chain disruptions, price volatility, and resource dependence.
The Circular Economy Imperative
The Circular Economy prioritises designing products to remain in circulation for as long as possible, extracting maximum value and use from all raw materials, products and waste. Despite this vision, only 7.2% of the global economy is currently circular, and the share of secondary materials we consume has dropped 21% since 2018.[1]
The study emphasises PaaS as a key driver in accelerating this shift. Under this model, customers pay for the use or value of a product rather than owning it outright, while ownership remains with the provider. Since the provider’s revenue depends on efficient product use, they are incentivised to minimise waste, reduce resource consumption, and extend the product’s lifecycle. This model has the potential to transform industries like agriculture, construction, green technology, and IT by promoting asset longevity and resource optimisation.
Unlocking Opportunities Across Industries
The report illustrates the important role of cross-sector collaboration between financial institutions, manufacturers, dealers and specialist service providers to realise the benefits of PaaS in enabling the Circular Economy. By highlighting implementation challenges and fostering collaboration, the report reveals how stakeholders can unlock the full potential of sustainable business models that drive both economic growth and environmental conservation.
Backed by case studies of successful PaaS in action and exclusive industry insights, the report discusses implementation pathways for businesses. This includes navigating regulations, adopting legally binding risk-sharing agreements and leveraging AI for asset residual value assessments.
Anne Pointet, Head of Company Engagement at BNP Paribas:
“This report provides actionable insights on how PaaS can enhance usage resource efficiency, extend product lifecycles, and offer cost-effective solutions for businesses to reduce their carbon footprint. By moving from ownership of products to a service-based model, PaaS is transformative for manufacturers and can enable them to embed sustainability into their operations and strategies.”
Neil Pein, CEO of BNP Paribas Leasing Solutions, comments:
“The Circular Economy offers a transformative alternative to the traditional linear model by maximising asset value and minimising waste. Sustainable finance and innovative models like Product-as-a-Service (PaaS) enable circularity, unlocking new revenue streams for manufacturers, fostering stronger customer relationships, and supporting investments in innovation and sustainability.”
The report The Circular Opportunity Harnessing the Power of Product-as-a-Service can be read in full here.
ENDS
Notes to editors
About The Circular Opportunity Harnessing the Power of Product-as-a-Service
This report has been commissioned by BNP Paribas and BNP Paribas Leasing Solutions. The research was conducted by Do Well Do Good, a purpose-led strategy consultancy. The report aims to contribute to advancing Product-as-a-Service (PaaS) business models, in line with the European Union’s efforts to promote the transition towards a circular economy.
The report offers an overview of the role of the PaaS in the circular economy ecosystem. It also explores two key sectors in depth, examining how agricultural equipment and green tech have responded to opportunities and challenges presented by PaaS models. Additional insights have also been gathered across four other sectors – heavy vehicles, healthcare, IT, and construction. Interviews were conducted with 28 industry experts across six industries.
About BNP Paribas Leasing Solutions
BNP Paribas Leasing Solutions offers capital-efficient business equipment financing solutions in key sectors including agriculture, construction, transportation, materials handling, ICT, healthcare, and green tech. Drawing on its 70-year history, its partners and clients rely on its market expertise, asset know-how, and advisory services to propel their growth, transformation, and transition to a low-carbon circular economy. Present in 18 countries across Europe and Turkiye, and employing over 3 000 experts, BNP Paribas Leasing Solutions also offers vendor finance solutions in the USA and Canada in partnership with Bank of Montreal, and in China through a joint venture with Jiangsu Financial Leasing. In 2024, BNP Paribas Leasing Solutions advanced €16.3 billion in asset finance and presently manages a €40.4 billion leased asset portfolio. BNP Paribas Leasing Solutions is fully owned by BNP Paribas and is positioned within the Group’s Commercial, Personal Banking & Services division. For more information, visit leasingsolutions.bnpparibas.com.
Press Contacts :
BNP Paribas Leasing Solutions : Suhale VORAJEE – suhale.vorajee@bnpparibas.com Aspectus Agency : Arthur INSTONE – bnpparibas@aspectus.com
[1] Circular Economy Foundation, The Circularity Gap Report, 2024, https://www. circularity-gap.world/2024 (Accessed: 2024)