Reference: 20100222
Release date: 16 November 2010

Promoter – Financial Intermediary

Crescent Capital

Location

Description

An investment fund targeting renewable energy sectors in Turkey and neighbouring countries. The fund manager plans to complete between 10 to 15 investments.

Objectives

The fund aims to make a commercial return whilst contributing to the increase of the share of electricity from renewable energy sources in Turkey and neighbouring countries.

Sector(s)

Proposed EIB finance (Approximate amount)

Up to EUR 25 million

Total cost (Approximate amount)

EUR 200 million

Environmental aspects

The environmental impacts of the renewable energy projects 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 either under Annex I or Annex II of the EU EIA Directive 85/337/EC, as amended by Directives 97/11/EC and 2003/35/EC. In the former case a mandatory EIA is required while in the latter 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 national and European environmental regulations.

Procurement

The majority of the projects to be financed by the fund will be located outside the EU and will therefore need to comply with Chapter 3 of EIB’s Guide to Procurement on operations outside the EU. Projects located in the EU will instead need to comply with EU Procurement Directive 2004/17/EC if applicable.

Status

Signed - 12/09/2011

Disclaimer

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).

Related tags

Turkey Turkmenistan Bulgaria Armenia Energy