Signature(s)
Summary sheet
- Services - Financial and insurance activities
The operation consists of a framework loan to Limburgs Energie Fonds (LEF), which was established in 2013 by the Province of Limburg (the Netherlands) as a financial instrument providing funding to regional businesses and projects in the areas of carbon-saving energy (production, optimisation and transport), energy efficiency, circular economy (including waste management) and marginally asbestos sanitation. LEF is managed by Finquiddity Vermogensbeheer BV which operates under the trade name Polestar Capital.
Carbon savings for the Province of Limburg through renewable energy, energy efficiency and circular economy projects, waste treatment facilities and sustainable transport.
Based on the technical characteristics of the projects, most of the projects to be financed by the Fund are not expected to have any significant environmental impacts. However, projects may fall under Annex II of the EIA Directive 2014/52/EU amending Directive 2011/92/EU, in which case the national competent authority will determine whether the projects are subject to an environmental impact assessment (EIA) based on Annex III of the EIA Directive. Details of the Fund Manager's environmental due diligence system and procedures for ensuring compliance with relevant EU (including EIA Directive, Habitats and Birds Directives) and national environmental and social legislation 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 legal documentation to be ultimately entered into between the Bank and the Fund will include an obligation on the Fund Manager to ensure that the portfolio companies are in compliance with national law, EU environmental legislation as well as with the Bank's Environmental and Social Standards.
The Bank will require the Fund Manager to ensure that contracts for the implementation of the projects financed by the Fund shall be tendered in accordance with the relevant applicable EU procurement legislation Directives 2014/23/EU, 2014/24/EU and 2014/25/EU, as well as Directives 89/665/EEC and 92/13/EEC 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.