Release date: 14 July 2009
Promoter – Financial Intermediary
Platina Partner LLP
The European Renewable Energy Fund I (“EREF I” or “the Fund”) is a Pan-European fund which makes equity investments in European renewable energy projects and businesses. The majority of the projects in which the EREF I will invest will be primary assets, i.e. projects at financial closure or at construction stages, with a limited portion at development stage to be allowed. The majority of the investments are expected to be in wind powered assets but other energy technologies, particularly solar PV, are expected to be a significant portion of the Fund’s portfolio.
The project aims to participate in a fund which will assist the host countries to reach national and European targets for renewable energy generation and CO2 emissions reduction, while contributing to the security and diversification of energy supply in the EU.
Proposed EIB finance (Approximate amount)
Up to EUR 40 million.
Total cost (Approximate amount)
Indicatively estimated to be around EUR 250 million.
Most of the renewable energy projects financed by the Fund (wind farms, small hydro, solar) are expected to fall under Annex II of the EIA Directive 85/337/EEC, as amended by Directives 97/11/EC and 2003/35/EC, in which case the projects would be subject to an EIA based on a case-by-case decision or defined criteria set by the competent authority. Details of the Fund’s environmental due diligence procedures will be reviewed during appraisal, in particular its procedures for ensuring compliance with EU Environmental Directives (including EIA Directive, Habitats Directive and Birds Directive).
The Fund’s investment guidelines will be required to ensure that procurement procedures applied for projects financed by the Fund are in line with the provisions of the Directive.
Signed - 16/03/2010
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).