Release date: 21 June 2010
Promoter – Financial Intermediary
An Investment Fund targeting the renewable energy sector (primarily solar and wind) in Europe.
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.
Proposed EIB finance (Approximate amount)
Up to EUR 50 million.
Total cost (Approximate amount)
EUR 500 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/EC, 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 by sub-projects financed by the Fund are in line with the provisions of the Directive.
Signed - 18/05/2011
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).