ARCUS EUROPEAN INFRASTRUCTURE FUND 2

The project consists of a pan-European equity fund targeting energy, transport and telecommunications' infrastructure mainly in the European Union.

The Fund will invest in the greenfield and operate assets primarily in the telecommunication, transport and energy sectors mainly in the European Union.

Most, if not all, of the renewable energy projects financed by the fund are expected to fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending Directive 2011/92/EU, in which case the projects may be subject to a full EIA, following a screening based on Annex III of the EIA Directive by the competent authorities. The promoter's capacity and procedures will be assessed to ensure that the fund management and its investee companies are in compliance with the Bank's environmental and social requirements for infrastructure fund activities.

The fund's investment guidelines will require the fund manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the fund have been or will be (as appropriate) tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/23/EU and/or Directive 2014/24/EU and/or Directive 2014/25/EU, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC) as interpreted by the Court of Justice of the European Union, with the publication of tender notices in the Official Journal of the European Union, as and where required.