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Signature(s)

Amount
€ 21,000,000
Countries
Sector(s)
Ireland : € 21,000,000
Energy : € 21,000,000
Signature date(s)
6/12/2022 : € 21,000,000
Link to source

Summary sheet

Release date
10 February 2023
Status
Reference
Signed | 06/12/2022
20220673
Project name
Promoter - financial intermediary
CO-INVESTMENT EIFFEL SOLAR IRELAND
EIFFEL INVESTMENT GROUP SAS
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 21 million
EUR 500 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The project concerns a co-investment alongside the Eiffel-managed Eiffel Energy Transition Funds I and II into a 744 Megawatt peak portfolio of solar energy projects in Ireland.

Through this operation, the EIB will support renewable energy production in Ireland by co-investing alongside the Eiffel-managed Eiffel Energy Transition Funds I and II. The operation will contribute to the achievement of Irish targets for renewable energy and to the reduction of CO2 emissions both in Ireland and the EU.

Additionality and Impact

The proposed operation is an EIB equity co-investment into a co-investment vehicle ("CIV") to participate in a EUR 100m bridge financing alongside the funds Eiffel Energy Transition Fund I and II SLP ("EETF") and other co-investors. The bridge facility allows the injection of equity into solar projects in Ireland (the "Project").


Due to the size required for the bridge facility, co-investors were necessary for the Project to be developed. The EIB is adding value by bridging a financing gap during the construction of the Project. This is possible thanks to the Bank's expertise in the renewable energy market.


The Project increases the renewable energy generation capacity in Ireland and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to the Bank's lending priority objectives on Energy (Renewable Energy) as well as on Climate Action (transversal), and Environmental Sustainability and Economic and Social Cohesion (transversal).


These plants produce electricity from low carbon sources (Solar PV), addressing the market failure of negative climate and environmental externalities through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation).


The Project will initially benefit from significant offtake agreements and will later be exposed to market prices. The Project offers a strong business model, allowing the promoter to gain critical size and consolidate its team with a long-term strategy.


The Project is expected to yield good quality results due to avoided greenhouse gas emissions, excellent social benefits, fair employment creation and an adequate governance system. Given the promoter's experience and the level of development of the project, the EIB's technical contribution has mostly been limited to crowding-in effect.

Environmental aspects
Procurement

The projects are included in the annex II of the Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU, requiring the local Environmental Authority to determine the need for an EIA process. The EIB will require the fund to ensure that its underlying investments respect the relevant EU directives and the environmental and social standards of the EIB.

The Promoter has been assessed by the EIB as being a private company and does not benefit from special and exclusive rights. The Promoter has been assessed as neither a contracting authority nor a contracting entity as per EU public procurement legislation, and is not subject to the EU Public Procurement Directives.

Related projects
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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).

Documents

Environmental and Social Data Sheet (ESDS) - CO-INVESTMENT EIFFEL SOLAR IRELAND
Publication Date
8 Mar 2023
Document language
Main Topic
Lending
Document Number
160603621
Document Focus
Environmental Information
Project Number
20220673
Sector(s)
Regions
Countries
Publicly available
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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.
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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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