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    Reference: 20190694
    Release date: 15 June 2020

    Promoter – Financial Intermediary

    RENEW CAPITAL PARTNERS LLC

    Location

    Description

    The project consists in an investment into a Fund that will invest primarily in the renewable power, energy storage, and energy efficiency industry sectors in Latin America and the Caribbean.

    Objectives

    The Fund will focus on renewable energy projects and related infrastructure in the Latin America and Caribbean region. The region is highly vulnerable to the negative impacts from climate change and the region's energy matrix must further diversify to withstand the new climactic reality. The proposed Fund will provide liquidity to project developers that currently face equity funding constraints.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    USD 25 million (EUR 21 million)

    Total cost (Approximate amount)

    USD 150 million (EUR 127 million)

    Environmental aspects

    Details of the Fund's environmental and social due diligence procedures for ensuring compliance with national regulation, the principles of relevant EU Directives and EIB' Environmental and Social Standards, as well as the capacity of the Fund Manager to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal,. The Fund will be required to develop an environmental & social policy and establish the appropriate management systems to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles of relevant EU environmental legislation as well as the EIB Environmental and Social Standards.

    Procurement

    Some of the companies in which the Fund will invest may have a status of contracting entity, being concessionaire. In these cases, 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 will be tendered in line with the principles of EU Directives on public procurement and/or concessions. For the other cases, investing in private companies not concessionaries, the EIB 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 follow fair and transparent procurement procedures and satisfy the criteria of economy and efficiency.

    Status

    Approved - 17/09/2020

    Disclaimer

    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).

    Related tags

    Regional - Latin America Energy