Release date: 26 November 2009
Promoter – Financial Intermediary
Impax Asset Management
Location
Description
An Investment Fund targeting the renewable energy (solar and wind) sectors in Europe. The fund manager plans to complete between 10 to 15 investments.
Objectives
The fund aims to make a commercial return whilst contributing to the targeted increase of the share of electricity from renewable energy sources in EU to 20% by 2020.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 40 million
Total cost (Approximate amount)
EUR 400 million
Environmental aspects
The environmental impacts of the renewable energy projects (solar, wind farms) financed by the Fund are likely to be limited, with no significant negative residual effects. Due to their technical characteristics, some of these investments may fall under Annex II of the EIA Directive (with regard to the latter, it will be left to the competent authority to decide whether an environmental impact assessment is needed). Details of the Fund’s environmental due diligence procedures wil be reviewed during appraisal, in particular its procedures for ensuring compliance with EU Environmental Directives (including EIA Directive, Habitats Directive and Birds Directive).
Procurement
The Fund’s investment guidelines will be required to ensure that contracts for the implementation of individual schemes have been tendered in accordance with the relevant EU legislation, including publication of tender notices in the EU Official Journal, as and where appropriate. Details will be verified during appraisal.
Status
Signed - 4/11/2010
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).