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European Energy Efficiency Fund EEEF launched

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Thursday, 07 July 2011

European Energy Efficiency Fund EEEF launched

The European Commission, the European Investment Bank (EIB), the Cassa Depositi e Prestiti (CDP) and Deutsche Bank announced the launch of the European Energy Efficiency Fund (EEEF) in Brussels. The EEEF aims to provide market-based financing for commercially viable public energy efficiency and renewable energy projects within the European Union. The fund is the centrepiece of a new sustainable energy facility that the European Parliament and Council of Ministers agreed to launch using unspent funds from the European Energy Programme for Recovery for a new sustainable energy facility. It will support EU member states in meeting their objective to, by 2020, reduce greenhouse gas emissions by 20%, increase renewable energy usage by 20%, and lower energy consumption through a 20% improvement in energy efficiency. It will target the substantial potential for energy efficiency and small scale renewable energy in the European public sector. The Fund will pursue a two track investment approach, either investing directly in projects or via financial institutions. It has a layered risk/return structure to stimulate private investment with a fixed commitment of EU budget funds. The European Commission is investing EUR 125 million in the Junior Tranche of the Fund, partly assuming the economic risks associated with the investment projects. The European Investment Bank is committing EUR 75 million in the Mezzanine Tranche and in Senior Shares. Further commitments are from the Cassa Depositi e Prestiti (CDP), contributing EUR 60 million also in Mezzanine and Senior Shares, and EUR 5 million in the Mezzanine Tranche by Deutsche Bank, who will also act as Investment Manager of the fund.

Source: EIB