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Infrastructure fund targeting energy efficiency (EE) and renewable energy (RE) projects in the UK
The fund aims at achieving energy efficiency and renewable energy gains by investing in three project categories: (i) Demand-side energy efficiency, (ii) renewable heat and (iii) combined heat and power (CHP) projects.
The development of renewable energy and energy efficiency projects supports national and European targets in these two areas and thus supports the EU’s climate change and security of energy supply objectives. The project is in line with the Bank’s priority energy lending objectives concerning renewable energy and energy efficiency.
Most of the projects in the existing pipeline of the fund are expected not to fall under the Environmental Impact Assessment (EIA) Directive 2011/92/EU, in which case the projects would not be subject to an EIA. The legal documentation to be entered into by the Bank will include an obligation on the fund manager to ensure that the portfolio companies are in full compliance with the applicable EU Directives.
The fund’s 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.