Release date: 3 August 2017
Promoter – Financial Intermediary
The project consists of the setting-up of a special purpose vehicle operating under the auspices of Inven Capital, investicní fond, a.s., which is a venture capital cleantech fund operating as an independent entity, fully owned by the Czech national energy utility CEZ. This is an indirect portfolio equity type operation whereby the European Investment Bank and Inven Capital shall capitalise the SPV 50/50.
The objective of this transaction is to support Inven Capital investing in smart energy start-up companies in the EU that already have a good track record and require growth capital. Target sectors of the fund include energy efficiency, distributed generation, flexibility and storage, customer engagement products and clean transportation in cities.
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
EUR 100 million
In accordance with the Bank's policy to ensure that the investments carried out by the co-investment facility comply with the EU acquis in the field of environment, the Bank will require the manager of the co-investment facility to take all the requisite measures to ensure that the environment procedures carried out by the final beneficiaries in which the co-investment facility will invest will comply with the relevant EU legislation and the applicable national legislation, provided that it is in conformity with EU rules.
The final beneficiaries in which the co-investment facility will invest will most likely be private companies not operating in the utilities sector and not having a status of a contracting entity, thus not being subject to EU rules on public procurement. However, if after the appraisal the EIB were to conclude that the final beneficiaries are after all subject to EU public procurement legislation (i.e. Directive 2014/24/EU or Directive 2004/18/EC where applicable), then the Bank would require the manager of the co-investment facility to ensure that contracts for the implementation of the projects carried out by final beneficiaries have been/will be tendered in accordance with the relevant applicable EU procurement legislation (i.e. Directive 2014/24/EU or Directive 2004/18/EC where applicable, and Directive 92/13/EEC), with publication of tender notices in the Official Journal of the EU, as and where required.
Signed - 15/12/2017
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).