6 June 2017
Promoter – Financial Intermediary
Glennmont Asset Management Ltd
A pan-European renewable energy infrastructure fund investing in solar photovoltaics (PV), bioenergy, small-scale hydro, onshore and offshore wind
The fund will invest primarily in solar PV, bioenergy, small-scale hydro, onshore and offshore wind generation assets in selected European markets.
- Water supply; sewerage, waste management and remediation activities
- Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
EUR 600 million
Most of the fund's underlying infrastructure investments will either require a full environmental impact assessment (EIA) or a screening decision by the national competent authority to determine whether or not an EIA is required. The legal documentation to be entered into by the Bank will require the fund to ensure that its underlying investments respect the relevant EU directives and the EIB's environmental and social standards.
The fund has been assessed by the EIB as investing only in private companies not subject to EU rules on public procurement or concessions. However, if after the appraisal the EIB were to conclude that the fund invests in projects subject to EU public procurement legislation, (Directive 2014/23/EU, 2014/24/EU or 2004/18/EC, 2014/25/EU or 2004/17/EC, as well as Directive 92/13/EEC or Directive 89/665/EEC, where applicable), then the Bank would require the fund manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the fund are tendered in accordance with the relevant applicable EU procurement legislation, as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.
Signed - 30/11/2017