UK ENERGY EFFICIENCY INVESTMENTS FUND II

Infrastructure fund targeting energy efficiency investments in the UK and continental EU.

The fund aims at achieving energy efficiency gains by investing in three project categories: (i) reduction of energy through more efficient lighting, heating and cooling and building management systems, (ii) distributed generation of energy through high-efficiency CHPs and renewable energy and (iii) improvement of grid efficiency through energy storage and demand response systems. The development of energy efficiency and renewable energy projects supports national and European targets in these two areas and thus supports the EU's climate change and security of energy supply objectives. The project is in line with the Bank's priority energy lending objectives concerning renewable energy and energy efficiency.

Most of the projects in the existing pipeline of the fund are expected not to fall under the EIA Directive 85/337/EC, as amended, in which case the projects would not be subject to an EIA. If an underlying investment is subject to an EIA, the fund manager will be required to obtain the non-technical summary of it, and where relevant written confirmation from the competent authority that the investment will not have any significant negative impact on sites of nature conservation.

The fund's investment guidelines will be required to ensure that procurement procedures applied by the underlying investments financed by the fund are in line with the provisions of the relevant Directives.