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Signature(s)

Amount
€ 25,000,000
Countries
Sector(s)
Luxembourg : € 25,000,000
Services : € 25,000,000
Signature date(s)
17/12/2009 : € 25,000,000
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Summary sheet

Release date
18 August 2009
Status
Reference
Signed | 17/12/2009
20090047
Project name
Promoter - financial intermediary
West Balkan Energy Efficiency Fund
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.
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to EUR 25 million.
EUR 65 million.
Description
Objectives

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.

The Fund aims to provide increased financing availability for Energy Efficiency and small renewable energy projects in the region.

Environmental aspects
Procurement

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.

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.

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Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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