corporate_banner_en

Launch of Eiffel Energy Transition, a new fund dedicated to financing energy transition, with the support of the European Investment Bank

The blog
Press corner
All press releases
All other news
Press contacts
Events
All events
Business events
Institutional events
Newsletter
Publications
All publications
General
Reports
Information
Human resources
Strategies & procedures
Thematic
Geographical
Technical studies
Ex-post evaluation
Capital markets
Economic research
Ordering a publication
The historical archives of the EIB
EFSI Scoreboards
Help
Search criteria - General principles
How to search in the register
Result page
Latest documents
Basic search
Public register
Latest documents
Basic search
Frequently asked questions
Help
Search criteria - General principles
How to search in the register
Result page
Request a document
Other public registers
Picture library
News in pictures
Management Committee's Photos
Werner Hoyer
Dario Scannapieco
Jonathan Taylor
Ambroise Fayolle
Andrew McDowell
Vazil Hudák
Alexander Stubb
Emma Navarro
The EIB services
Building
Archives
Former Presidents
Former Vice-presidents
from left to right: Mustafa Abdel-Wadood, CEO,Abraaj Capital Limited, Philippe de Fontaine Vive Curtaz,Vice President, EIB and H.E. Eng. Yarub Qudah, CEO of JEDCO
Greater Manchester Metrolink extension
Mr Olaf Scholz, Mayor of Hamburg
Fritz Vahrenholt, Chief Executive Officer, RWE Innogy GmbH, Germany, Karina Veum, Senior Researcher, Energy Research Centre of the Netherlands, Alistair Buchanan, Group Chief Executive, OFGEM, UK regulator of gas and electricity markets and Frauke Thies, EU Energy Policy Coordinator, Greenpeace
Mr Matthias Kollatz-Ahnen, Vice-President of the EIB
from left to right:Jörg Vogt, CFO, Trianel, Germany (Project: Borkum West II Offshore Wind Park), Pierre Lestienne, CFO, C-Power, Belgium (Project: C-Power near Ostend) and Georg Friedrichs, Vice-President, Head of Offshore Wind Projects, Vattenfall, Germany (Project: Thanet Offshore Wind Farm)
from left to right: Mr Kevin Smith, Director Wind Energy, Det Norske Veritas, Norway, Mr Frank V.Nielsen; Chief Technology Officer, LM Wind Power, Denmark and Mr Konstantin Staschus, Secretary General, European Network of Transmission System Operations for Electricity (ENTSO-E)
from left to right: Mr Rober Harrabin, Environmental Analyst, BBC and Mr Hans-Jörg Bullinger, President, Fraunhofer-Gesellschaft of Germany
Mr Paulo Roberto de Oliveira Araujo, Head of Department, BNDES International Division, Mr F. de Paula Coelho, Director of the ALA Department of the EIB and Mr Christophe Nègre, Deputy Head of Division, Legal Department of the EIB
From left to right: Mr. de Paula Coelho, Director of the Asia Latin America Department and Mr Paulo Roberto de Oliveira Araujo, Head of Department, BNDES International Division
From left to right: Mr. de Paula Coelho, Director of the Asia Latin America Department of the EIB and Mr Paulo Roberto de Oliveira Araujo, Head of Department, BNDES International Division
Mr Paulo Roberto de Oliveira Araujo, Head of Department, BNDES International Division
Group picture of the signature Brazil Climate Change Mitigation
Picture of all the participants at the signature EFL loan for SMEs and Mid-Caps III
FROM LEFT TO RIGHT: Mr ANDRZEJ KRZEMINSKI President of the Management Board- EFL and Mrs FÜRSTENBERG-LUCIUS, Director EIB
FROM LEFT TO RIGHT: Mr ANDRZEJ KRZEMINSKI President of the Management Board- EFL and Mr Mariusz KOLWAS, Vice-President of the Management Board - EFL
FROM LEFT TO RIGHT: Mr Andrzej KRZEMINSKI President of the Management Board- EFL Mrs Anita FÜRSTENBERG-LUCIUS, Director EIB Mr Anton ROP, Vice-President of the EIB
FROM LEFT TO RIGHT: Mr Andrzej KRZEMINSKI President of the Management Board- EFL Mrs Anita FÜRSTENBERG-LUCIUS, Director EIB, Mr Anton ROP, Vice-President of the EIB
FROM LEFT TO RIGHT: Mr Andrzej KRZEMINSKI President of the Management Board- EFL Mrs Anita FÜRSTENBERG-LUCIUS, Director EIB Mr Anton ROP, Vice-President of the EIB
FROM LEFT TO RIGHT: Mr Zygmunti TRYBKA, Director of the Financing Department EFL and Mr Piotr KOZIOL, Director of the Legal Department EFL
Group picture of the signature EFL Loan for SMEs and Mid-Caps III
from left to right:Mrs Flavia Palanza, Associate Director for Central and Eastern Africa, EIB, Mr. Jack Nkusi Kayonga, Chief Executive Officer of the Rwanda Development Bank and Mr Patrick Walsh, Director responsible for Africa, Caribbean and Pacific operations.
from left to right: Mr. Jack Nkusi KAYONGA, Chief Executive Officer of the Rwanda Development Bank and Mr Patrick Walsh, Director of the Central and Eastern Africa, Pacific Department of the EIB
Mr. Jack Nkusi KAYONGA, Chief Executive Officer of the Rwanda Development Bank
from left to right:Mrs Flavia Palanza, Associate Director for Central and Eastern Africa, EIB, Mr. Jack Nkusi Kayonga, Chief Executive Officer of the Rwanda Development Bank and Mr Patrick Walsh, Director responsible for Africa, Caribbean and Pacific operations.
from left to right:Mrs Flavia Palanza, Associate Director for Central and Eastern Africa, EIB, Mr. Jack Nkusi Kayonga, Chief Executive Officer of the Rwanda Development Bank and Mr Patrick Walsh, Director responsible for Africa, Caribbean and Pacific operations.
J.A.Mannai, Président du Fonds Monétaire Arabe; P.Maystadt, Président de la BEI; A.M.Ali Al-Madani, Président de la Banque Islamique de Développement; F.Baroin, Ministre de l'Economie, des Finances et de l'Industrie; D.Kaberuka, Président de la Banque Africaine de Développement; C.Lagarde, directrice générale du FMI
Photo de la signature
Photo de groupe de la signature
from left to right: Founders and biggest investors:
From left to right: all investors+Fund Manager:
Mr Anton Rop, Vice President of the European Investment Bank
de gauche à droite: M. Othman Ben Arfa, PDG de la STEG, M. Philippe de Fontaine Vive, Vice-président de la BEI et M. Mohamed Nouri Jouini, Ministre du Développement et de la Coopération Internationale
de gauche à droite: M. Othman Ben Arfa, PDG de la STEG et M. Philippe de Fontaine Vive, Vice-président de la BEI
de gauche à droite: M. Othman Ben Arfa, PDG de la Société Tunisienne de l'Electricité et du Gaz , M. Philippe de Fontaine Vive, Vice-président de la BEI et M. Mohamed Nouri Jouini, Ministre du Développement et de la Coopération Internationale
De gauche à droite:
Closing Ceremony Rural Impulse Fund II SA, SICAV-SIF; Luxembourg 1st June 2010
Closing
de gauche à droite: M.Carlos Da Silva Costa ,Vice Président de la BEI et M. Valls i Riera, Président de l'Autoridad Portuaria de Barcelona.
de gauche à droite: Carlos da Silva Costa, vice-président de la BEI et Ignacio Galán, Président d'Iberdrola
M. Philippe Maystadt, Président de la BEI, S.E.M. Premier Ministre de la Serbie et M. Dario Scannapieco, Vice-Président de la BEI à la signature de contrats
M. Philippe Maystadt, Président de la BEI et S.E.M. Mirko CVETKOVIC, Premier Ministre de la République de Serbie à la signature du livre d'or
Mr. I Dalianis, Financial Manager of Symetal ,Mr. K Kontos, General Manager of Symetal , Mr P Sakellaris Vice President of the EIB, Mr. D Kyriakopoulos, Executive Vice President of Elval and Mr. L Varouchas, General Manager of Elval
Mr P.Sakellaris, Vice President of the EIB and Mr D. Kyriakopoulos, Executive Vice President of Elval
Mr P. Sakellaris, Vice President of the EIB and Mr D.Kyriakopoulos, Executive Vice President of Elval
Press conference in Athens today, Mr Plutarchos Sakellaris, Vice President of the EIB
Press conference in Athens today, Mr Plutarchos Sakellaris, Vice President of the EIB
Press conference in Athens today, Mr Plutarchos Sakellaris, Vice President of the EIB
Press conference in Athens today, Mr Plutarchos Sakellaris, Vice President of the EIB
The Marseille Center for Mediterranean Integration is launched today
Le Centre de Marseille pour l’Intégration en Méditerranée est inauguré aujourd’hui
Photos
Session on "Modelling Cities and Urban Dynamics" hosted by the EIB-University Action Programme
Projects
Video library
All videos
Podcasts
Open learning
Contact

Launch of Eiffel Energy Transition, a new fund dedicated to financing energy transition, with the support of the European Investment Bank

    •  Display in:
    • de
    • en
    • fr
  • Available in: de en fr
  •  Release date: 23 March 2017
  •  Reference: 2017-076-EN

The European Investment Bank (EIB) – the EU bank – and Eiffel Investment Group have announced the launch of the Eiffel Energy Transition fund, with the backing of a number of top-ranking institutional investors.

Eiffel Energy Transition finances the green economy and energy transition in France and Europe. It provides an unprecedented response to a critical gap in the sector by making available bridging finance before long-term financing has been put in place.

The companies to which the fund lends are developers of renewable energy (photovoltaic, wind, biogas, biomass, etc.) and energy efficiency operators (electricity storage, thermal renovation of buildings, low energy consumption lighting, etc.). There are considerable financing requirements in view of the massive investments planned over the coming years, in terms of both renewable energy generation and energy efficiency solutions.

The fund addresses these needs via an original approach: granting short-term loans to developers while they wait for long-term financing for their projects. The main benefit for borrowers is to immediately free up equity without having to wait for long-term financing for their projects. As a result, they can develop more projects by redeploying their equity in pursuit of new opportunities

“Eiffel Investment Group's main strategic objective is to develop high value-added economic and social financing tools. Financing energy transition is one of our priorities”, remarked Fabrice Dumonteil, Managing Director of Eiffel Investment Group. “The Eiffel Energy Transition fund, designed in conjunction with key operators in the industry, reflects our desire to intelligently direct the resources of long-term financiers to the priority needs of the real economy and to financing the green economy.”

“This is an innovative financing operation which meets a key objective of the Paris Agreement whilst promoting a rapidly changing sector”, said EIB Vice-President Ambroise Fayolle. “Climate action is a priority of the EU bank. With 35% of its activity in France dedicated to climate action in 2016, the EIB has already exceeded the EU’s 2020 target of 25%. Our objective is to facilitate project promoters’ access to financing and thus support them in their development projects for secure and competitive environmental transition.”

The EIB’s participation in this fund (EUR 40m) also benefits from the support of the European Fund for Strategic Investments (EFSI) – a core element of the Investment Plan for Europe, better known as the Juncker Plan. In addition, Eiffel Investment Group has been granted financing terms tailored to the sector and the type of investment. With this new financing, the Juncker Plan is continuing to flourish in France with 60 operations approved to date, which are expected to generate EUR 22bn of additional investment.

Laurent Ménard, Director of Investment Strategy and EU Financing at the Commissariat Général à l’Investissement (Office of the Commissioner General for Investment – CGI), and Ivan Faucheux, Director of the Energy and Circular Economy Programme at the Commissariat Général à l’Investissement, stated: “The Commissariat Général à l’Investissement hails the launch of this innovative fund and the EIB's participation under the Juncker Plan, in support of the development of energy transition projects.”

The loans granted by the fund will typically have a term of 6-36 months. They are senior loans backed by the assets that they are financing, with a reasonable loan-to-value (LTV) ratio (between the loan and the assets financed) and generally without recourse to the developer. Each loan is intended to be paid back when the project promoter obtains long-term financing. The rates practised, which are higher than the long-term financing rates for ongoing projects, compensate risk-taking at the time of construction as well as the flexibility and swiftness of the proposed solution.

The fund's manager Pierre-Antoine Machelon stated: “This fund fills a gap in a sector where there is, in fact, no lack of financing. It stands out by virtue of its unique approach: we operate upstream of traditional lenders, with project security, generally without recourse to the developer, and we allow flexibility of use, which serves to optimise the raising of long-term finance. This is precisely when the developer needs capital to successfully conclude its project and demonstrate its value. With this new solution, we will help to speed up the transition to a carbon-free economy. A number of developers have already initiated discussions with us to arrange this financing, reflecting the strong interest of the sector's operators in this financing solution.”

Daniel Bour, CEO of Générale du Solaire and Chairman of the trade association Enerplan, commented: “The sector has to deal with technological and regulatory breakthroughs and, at the same time, must invest massively to foster energy transition in our country and on our continent. There is therefore a huge need for a flexible tool such as that offered by Eiffel Energy Transition to supplement long-term bank financing. My experience with Eiffel in 2016 has convinced me that this is a useful operational tool for us as developers of solar energy in France.”

Nicolas Mayaud, Managing Director of Helexia added: “Local renewable energy generation and energy efficiency are increasingly becoming integrated, especially with own consumption solutions. We have noted that Eiffel Energy Transition financing is particularly suited to this new business model.”

Eric Scotto, CEO of Akuo Energy, said: “This sector is highly capital-intensive. Developers need to complete their projects rapidly in order to cover their costs. The Eiffel fund, which we expect to finance one of our projects in the coming weeks, has come along at just the right time: thanks to Eiffel, we will be able to invest massively in a biomass plant project in Croatia which is at the final development stage, ahead of the signing of long-term financing operations with banks and institutional investors.”

Eiffel Energy Transition is one of the first funds to have received the French Transition Energétique et Ecologique pour le Climat (TEEC) [Energy and Environmental Transition for Climate] label, awarded by Novethic.

Eiffel Energy Transition's initial investors have committed nearly EUR 100m. Other public and private institutional investors are completing their due diligence procedures and will soon be joining the fund. The target commitment amount is EUR 200m.

Kramer Levin Naftalis & Frankel provided advisory services when the fund was being set up (Hubert de Vauplane, Valentine Baudouin).










 Print
 Pdf
 Short Link