Release date: 10 October 2018
Promoter – Financial Intermediary
MGM INNOVA CAPITAL LLCLocation
Description
EIB is investing into an equity fund focused on energy efficiency and renewable energy projects in Latin America, the Caribbean and South East Asia.
Objectives
The Fund will invest primarily in equity, quasi-equity and mezzanine project finance opportunities, investing at least 60% into energy efficiency projects and 40% in small scale renewable energy projects. MSEF II sets a triple bottom line: financial (based on target returns), social (based on growth for small and medium size developers) and environmental (based on energy savings and reduction in greenhouse gas emissions and water). The Fund's investments will support the EIB's climate action priority.
Sector(s)
Proposed EIB finance (Approximate amount)
USD 28 million (EUR 25 million)
Total cost (Approximate amount)
USD 150 million (EUR 133 million)
Environmental aspects
Most of the current and future projects do not fall under the Environmental Impact Assessment (EIA) Directive 85/337/EEC, as amended, in which case the projects would not be subject to an EIA. If an underlying investment were subject to an EIA, the Fund Manager 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.
Procurement
MSEF II investment guidelines will be required to ensure that procurement procedures applied by the underlying investments financed by the Fund are in line with the provisions of the relevant Directives and EIB requirements as applicable.
Status
Signed - 22/03/2019
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).