The EEEF is an innovative public-private partnership, whose capital is provided by the European Commission, the European Investment Bank (EIB), the Cassa Depositi e Prestiti (CDP) and Deutsche Bank.
Unspent funds from the European Economic Recovery Plan (see related article) constitute the investment from the European Commission. Further investors are already expected to join, increasing the initial €265M to an expected amount of €800M.
This new fund will finance public energy efficiency and renewable energy projects within the European Union, through two different approaches: investing directly in projects in the range of €5m to €25m, or via financial institutions.
3 investment categories are eligible:
- Energy Saving and Energy Efficiency investments,
- Investments in Renewable Energy sources,
- Investments in Clean Urban Transport.
Technical assistance to support these investments will also be provided.
Philippe Maystadt, EIB President, says: “We expect the fund to focus on smaller scale investments by local authorities or energy service companies (ESCOs), thereby complementing the larger scale finance that the EIB already offers for energy efficiency investments throughout the European Union.” – EIB Press release (read it here).
The CO2 savings will be measured through Carbon Efficiency Management - a programme designed for CO2 measurement, which will both serve as a control mechanism and as a marketing tool highlighting the savings.
For any further information, please go to the brand new EEEF website!
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