CO-INVESTMENT EIFFEL SOLAR IRELAND

Promoteur – Intermédiaire Financier

EIFFEL INVESTMENT GROUP SAS

Lieu

• Irlande

Description

The project concerns a co-investment alongside the Eiffel-managed Eiffel Energy Transition Funds I and II into a 744 Megawatt peak portfolio of solar energy projects in Ireland.

Additionality and Impact

The proposed operation is an EIB equity co-investment into a co-investment vehicle ("CIV") to participate in a EUR 100m bridge financing alongside the funds Eiffel Energy Transition Fund I and II SLP ("EETF") and other co-investors. The bridge facility allows the injection of equity into solar projects in Ireland (the "Project").

Due to the size required for the bridge facility, co-investors were necessary for the Project to be developed. The EIB is adding value by bridging a financing gap during the construction of the Project. This is possible thanks to the Bank's expertise in the renewable energy market.

The Project increases the renewable energy generation capacity in Ireland and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to the Bank's lending priority objectives on Energy (Renewable Energy) as well as on Climate Action (transversal), and Environmental Sustainability and Economic and Social Cohesion (transversal).

These plants produce electricity from low carbon sources (Solar PV), addressing the market failure of negative climate and environmental externalities through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation).

The Project will initially benefit from significant offtake agreements and will later be exposed to market prices. The Project offers a strong business model, allowing the promoter to gain critical size and consolidate its team with a long-term strategy.

The Project is expected to yield good quality results due to avoided greenhouse gas emissions, excellent social benefits, fair employment creation and an adequate governance system. Given the promoter's experience and the level of development of the project, the EIB's technical contribution has mostly been limited to crowding-in effect.

Objectifs

Through this operation, the EIB will support renewable energy production in Ireland by co-investing alongside the Eiffel-managed Eiffel Energy Transition Funds I and II. The operation will contribute to the achievement of Irish targets for renewable energy and to the reduction of CO2 emissions both in Ireland and the EU.

Secteur(s)

• Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

Montant BEI envisagé (montant approximatif)

EUR 21 million

Coût total (montant approximatif)

EUR 500 million

Aspects environnementaux

The projects are included in the annex II of the Directive 2014/52/EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU, requiring the local Environmental Authority to determine the need for an EIA process. The EIB will require the fund to ensure that its underlying investments respect the relevant EU directives and the environmental and social standards of the EIB.

Passation des marchés

The Promoter has been assessed by the EIB as being a private company and does not benefit from special and exclusive rights. The Promoter has been assessed as neither a contracting authority nor a contracting entity as per EU public procurement legislation, and is not subject to the EU Public Procurement Directives.

Statut

Signé - 6/12/2022