OUTRIGGER IMPACT FUND LCFP

Oceanwide is a blue economy fund providing debt and equity to projects in Small Island Developing States (SIDS), which share a set of unique climate, environmental and economic challenges. The fund addresses such challenges by identifying successful business models, transferring expertise and aggregating projects to scale them up and leverage in private capital. This is an operation under the Luxembourg-EIB Climate Finance Platform (LCFP).

The aim is to build environmental and community resilience and drive nature-positive outcomes in the most vulnerable island and coastal states by catalysing the blue economy and enhancing the sustainability of ocean resources. The fund will invest in different blue economy sectors, including, but not limited to waste management, ocean-based renewable energy, green port technologies, sustainable fisheries, nature-based tourism and conservation.

The Fund will need to comply with the EIB's social and environmental requirements and thus to have the relevant socio-environmental policies and management systems in place. The assessment of the environmental, climate and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each portfolio company and any underlying investment and, thereby ensuring that the portfolio and these investments comply with the national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB's Environmental and Social Standards.

The EIB will require the promoter to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.