Bob, what distinguishes gratuitous despoiling of the environment from a subsidy? Worse yet are governments that actively susidize these actions. The point of the article however is, it is the banks that are currently the ones being subsidized; outrageously IMHO and again IMHO they appear to be totally risk averse when it comes to clean energy projects even though they are making money hand over fist on the loans they generate out of thin air. (see Money Creation In The Modern Economy)
Your south of France analogy is a red herring, it would be pretty easy to insure that the loans are going into the production of the kind of infrastructure that is required and the creation of that infrastructure would be producing a tremendous amount of economic activity from which the government would extract taxes.
And as a pure accounting matter, infrastructure is a balance sheet item.