Madrid, July 1st 2011 - The European Investment Bank and the Spanish Energy Saving and Diversification Institute (Instituto para la Diversificación y Ahorro de la Energía – IDAE) have just signed an agreement creating a new investment fund.
The FIDAE (the Energy Saving and Diversification Investment Fund) is a JESSICA fund aimed at financing projects which improve energy efficiency and the use of renewable sources of energy.
Initially endowed with €127.6M (€87.8M are financed by the ERDF), the fund will be managed by the EIB and available for 10 Spanish regions: Andalusia, the Canaries, Castilla y León, Castilla-La Mancha, Ceuta, the Valencia Region, Extremadura, Galicia, Melilla and the Murcia Region.
Spanish Secretary of State for Energy Fabrizio Hernández Pampaloni emphasized “the innovative nature of this financing formula". This investment fund indeed represents an uncommon use of the European Union structural funds.
Much is expected from this fund, which is forecasted to leverage private finance. Optimistic prognostics indicate a total amount of investments that may reach €600M by the end of December 2015.
For further details, you may want to read the EIB press release.
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