1 October 2012
Promoter – Financial Intermediary
The Global Energy Efficiency and Renewable Energy Fund (GEEREF) invests in Regional Funds, which in turn invest in target projects and companies dedicated primarily to energy efficiency and renewable energy to support access to clean energy in developing countries and economies in transition. Geographical focus is Sub-Saharan Africa; East and South Asia as well as the Pacific; non-EU Eastern Europe, Russia and Central Asia; Latin America and the Caribbean; Middle East and North Africa.
The proposed operation will contribute to environmental sustainability, and in particular to tackling climate change, the main objective of the Global Climate Change Mandate (CCM). The operation concerns the financing of renewable energy, energy efficiency and other climate change mitigation investments located in developing countries, in line with EU and EIB priority objectives for combating climate change and thus for promoting sustainable, competitive and secure energy supplies.
Proposed EIB finance (Approximate amount)
EUR 10 million
Total cost (Approximate amount)
EUR 216 million
Details of the projects and Regional Funds’ environmental due diligence procedures will be reviewed during appraisal, in particular the procedures for ensuring compliance with the principles of the EU Environmental Directives. The legal documentation to be entered into by the Bank will include a reasonable endeavours obligation on the Fund Advisor to ensure that the Regional Funds and the portfolio companies are in compliance with the Bank’s environmental and social principles and standards. If an underlying investment is subject to an Environmental Impact Assessment (EIA), the Fund Advisor 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 Bank will require the Fund Advisor to ensure that implementation of the underlying projects will be done in accordance with the Bank’s Guide to Procurement. Most of the project promoters are expected to be private companies for which the Fund Manager will have to verify during appraisal whether they have received any special or exclusive rights in particular for what concerns the hydro schemes concessions and verify that the provisions of the guide are respected.
Signed - 20/12/2013