Summary sheet
Infrastructure fund targeting investments in energy-efficient and low-carbon buildings in the French commercial property market and public infrastructure sector
The fund will be the first fund dedicated to energy-efficient new construction (near-zero-energy buildings (NZEB)) and renovation works for commercial and public buildings in France.
The Bank will review relevant permits and environmental and social management processes during appraisal, including mitigation/compensation measures to be taken and any potential effects on nature conservation sites (Habitats Directive 92/43/EEC and Birds Directive 79/409/EEC). Through the project, several NZEB buildings, as per the requirements of Directive 2010/31/EU on the energy performance of buildings (EPBD) (Article 9(1)), will be constructed which will, after completion, reduce energy consumption and pollutant emissions compared to the business-as-usual scenario (in compliance with the current regulation). The EPBD requires that from 2019 onwards, all public buildings and from 2021 all buildings will need to be NZEB. If an underlying investment is subject to an environmental impact assessment (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 legal documentation to be entered into by the Bank will include a reasonable-endeavours obligation on the fund manager to ensure that the portfolio companies are in compliance with EU legislation and for any investment to be considered as "EIB-eligible" the requirements of the respective directives must be met in full. There is no project planned outside of EU; however for projects in non-member states the EIB's environmental and social standards should be followed. Details of the proposed fund's environmental and social due diligence procedures, in particular its procedures for ensuring compliance with EU environmental directives (including the Environmental Impact Assessment (EIA) Directive, Habitats Directive and Birds Directive) and the Bank's environmental and social standards, will be checked at appraisal stage.
The Bank will require the fund manager to ensure that contracts for the implementation of the project invested into have been/shall be tendered in accordance with the EIB Guide to Procurement or relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.