Energy Efficiency investments European Investment Bank GEEREF and Energy Efficiency investments 9 July 2018, Vienna Gunter Fischer Senior Investment Manager European Investment Bank

European Investment Bank Group GEEREF – a EUR 222m Private Equity Fund-of-Funds addressing renewable and energy efficiency investments SECTORS Renewable energy: hydro, wind, solar, geothermal, biomass Energy efficiency: buildings, lighting, consumer, industrial geographies Developing countries Emerging Markets Instruments Equity Funds Co-investment Direct investment Investors European Commission, D, NOR Private pension funds, family offices, asset managers Underlying assets Greenfield projects Financing of development and construction Infrastructure assets Environmentally, socially and financially sustainable projects CLEAN ENERGY DEVELOPING COUNTRIES FUND-OF-FUNDS PROJECT DEVELOPMENT 26/11/2018 European Investment Bank Group

European Investment Bank Group An example of an Energy-efficiency focussed fund we Helped to establish: MSEF in Latin America Size USD 63m fund Public, private investors geographies Latin America Caribbean Instruments Equity into projects and companies Example Office building in Medellin, Colombia Investment: USD 1m efficient air conditioning 20 year cool air supply contract Projects 27 investments concluded, ~USD 70 committed More than 200 energy audits done Commercial EE: hotels, supermarkets, shopping centers Industrial EE: biogas, waste heat Municipal EE: street lighting Contract types Shared energy savings agreements: savings of electricity or other types of energy Supply agreements: by-products/waste used to produce energy and sold to the client at a lower cost. Done in: Industrial sectors: e.g. provision of steam Commercial sectors: supply of cool air, hot water Issues Small individual investment: lot of effort per investment Returns depend on standardizing projects Until now more public than private sector interest EE funds are very specialized and need specialized team 26/11/2018 European Investment Bank Group