EIB, Eiffel Investment lead set-up of EUR 100m green energy fund
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The European Investment Bank (EIB) and alternative asset manager and investor Eiffel Investment Group B.V. have set up a EUR-100-million (USD 108.23m) fund to finance the green energy transition in France and in Europe.
Initial investors in the fund have already committed nearly EUR 100 million but when other institutional investors complete their due diligence procedures, the total amount could soon double to EUR 200 million, a joint press release said last week.
The Eiffel Energy Transition fund will provide short-term loans to developers of renewable energy and energy efficiency projects who want to free equity while waiting for long-term refinancing.
Funds will be extended over typically 6 to 36 months via senior, asset-backed loans with a "reasonable" loan-to-value ratio and generally without recourse to the developer itself.
Hubert de Vauplane and Valentine Baudouin from Kramer Levin Naftalis & Frankel law firm acted as lead advisers to setting up the fund.