PEARL ENVIRONMENTAL INFRASTRUCTURE FUND

Promoter – Financial Intermediary

EDMOND DE ROTHSCHILD PRIVATE EQUITY LUXEMBOURG SA,EDMOND DE ROTHSCHILD PRIVATE EQUITY SA,PEARL ADVISORY SAS

Location

• France
• EU Countries

Description

Infrastructure fund investing in environmental facilities such as wastewater treatment plants, energy efficiency facilities or waste-to energy infrastructure, by partnering with European mid-to-large corporates and municipalities.

Objectives

The fund will contribute to the construction and operation of needed environmental infrastructure which will benefit the local residents, improving their quality of life. Waste-to-energy projects from the underlying investments will contribute to achieving climate change objectives, by reducing direct greenhouse gas emissions from waste and by substituting energy generated from fossil origin with renewable alternatives. Water and wastewater projects will support continued compliance with the Water Framework Directive (2000/60/EC) and the Urban Waste Water Treatment Directive (91/271/EEC).

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply
• Water, sewerage - Water supply; sewerage, waste management and remediation activities
• Solid waste - Water supply; sewerage, waste management and remediation activities

Proposed EIB finance (Approximate amount)

EUR 40 million

Total cost (Approximate amount)

EUR 200 million

Environmental aspects

The following will be reviewed during appraisal: (i) details of the fund's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation as well as EIB's Environmental and Social Standards, and (ii) the capacity of the fund manager to assess and monitor environmental and social risks and impacts.

Procurement

The fund will invest in (i) private sector in Europe and (ii) public and utilities sector and concession projects in Europe. For the investment in the public and utilities sector and concession projects, the Bank will require the fund manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the fund have been/will be tendered in accordance with the relevant applicable EU procurement legislation [Directive 2014/23/EU / 2014/24/EU or 2004/18/EC / 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC] as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the European Union, as and where required.

Status

Signed - 26/03/2019