December 11 (Renewables Now) - The European Investment Bank (EIB) and Paris-based asset manager Amundi SA (EPA:AMUN) have raised EUR 253 million (USD 278m) in the first phase of their Green Credit Continuum programme.
The programme, launched in July, aims to expand the European green debt market to include small-scale green projects, small and medium-sized enterprises (SMEs) and mid-cap financing and offer new market instruments that go beyond the existing green bond model.
Pension funds, insurance companies, banking institutions and public investment institutions from Denmark, France and Luxembourg have made initial commitments to the programme, according to the statement released on Monday. These include Caisse des Depots, the Caisse Centrale de Reassurance, social welfare group Agrica and Credit Agricole Group (EPA:ACA) from France as well as Danish pension fund Laerernes.
The investment period for the first phase begins this month and Amundi plans to raise money for the second phase once the initial funds have been invested. The programme's goal is to deploy EUR 1 billion in total within three years.
(EUR 1.0 = USD 1.1)