The Bank, EC and KfW are acting as the main Promoters of the Fund. The Fund is expected to be set up as a closed-ended investment company organised under the laws of the Grand Duchy of Luxembourg in the form of a public limited company qualifying as a société d'investissement à capital variable ("SICAV"). The Fund will be subject to the applicable Luxemburgish tax laws.
The Bank in close cooperation with other first time investors (KfW, EC) will organise an international tender to identify a fund manager for the Fund.
Location
Albania
Bosnia and Herzegovina
Croatia
FYROM
Montenegro
Serbia
Turkey
Description
The Fund will target small scale investments in the energy efficiency and renewable energy sectors in the West Balkans and Turkey.
The Fund will be structured along the lines of the successful European Fund for South East Europe (ref. CA/411/07) and will primarily invest in EUR. It will provide only debt instruments in order to raise the needed capital for the Fund; it will be structured to offer a range of investors, including private investors, the appropriate risk/return profiles that they require. The first close of the fund is expected for end 2009.
Objectives
The Fund aims to provide increased financing availability for Energy Efficiency and small renewable energy projects in the region.
Comments
Sector(s)
Services
Proposed EIB finance (Approximate amount)
Up to EUR 25 million.
Total cost (Approximate amount)
EUR 65 million.
Environmental aspects
This operation intends to bring environmental benefits by supporting projects that help to mitigate climate change. The individual schemes to be financed are likely to be small and are expected to have limited environmental impacts. It is expected that none of the investments shall have a significant negative impact on any site of nature conservation importance, including sites protected under the “Habitats” and “Birds” Directives (92/43/EEC and 79/409/EEC respectively) and the associated Natura 2000 network.
Procurement
The Fund’s investment guidelines will be required to ensure that contracts for the implementation of individual schemes have been tendered in accordance with the relevant EU legislation, including publication of tender notices in the EU Official Journal, as and where appropriate.
Status
Signed
-
17/12/2009.
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. Therefore data provided on this page is indicative and cannot be considered to represent official EIB Policy (see also the Explanatory notes).
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The EIB has a zero-tolerance policy on fraud or corruption. To report allegations of fraud or corruption in EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential, and are handled in line with EIB investigation procedures and the Anti-Fraud Policy.
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