df dfdf GEEREF’s Experience Leveraging private finance for climate action in developing countries UNFCCC Bonn, June 1-2, 2011 Cyrille Arnould European Investment Bank (EIB)

Luxembourg domiciled, SICAV-SIF Fund of Funds (indirect investment) Registered as ODA Public Private Partnership (PPP) as a goal Operational since January 2009 What is GEEREF?

GEEREF Investors and EIB Group Investors in the first closing (EUR 108m): GEEREF Advisors: The European Investment Bank (EIB) is a AAA-rated, policy-driven EU financial institution raising funds in capital markets to on-lend to eligible investments supporting EU policies and priorities. The European Investment Fund (EIF) is EIB Group's specialist provider of risk finance for small and medium-sized enterprises (SME) across Europe.

What is GEEREF’s Strategy? Targeting at ~8 Renewable Energy and Energy Efficiency Funds Africa, Asia and Latin America focused Project Finance (Wind, Hydro, Solar, etc.) Small/medium size projects People, Planet and Profit

GEEREF Status Funds signed –REAF: India and South Asia focussed –Evolution One: Southern Africa –DI Frontier Market: East Africa –Clean-Tech Latin America Fund Pipeline: Latin America, non-EU Eastern Europe, Southeast Asia, Central Asia, India and China 6 Technical Assistance operations

GEEREF European Union EUR 75m EUR 108m EUR ~650m in total = Lev. 1 : ~5 (GEEREF : Others) EUR ~4bn in total = Lev. Equity/Equity (Fund: other equity investors 1 : 1) + Lev. Equity/Debt ratio (total project equity: debt 1 : 2) Estimated leverage for GEEREF’s investment 1 : >35 Estimated Leverage for EU’s investment 1 : >50 Portfolio Fund 1, 2, 3, etc. Project 1Project 2Project 3 Estimated leverage effect: from the perspective of the EU and GEEREF (Potential) public and private investors

Examples: Two of GEEREF Portfolio Funds is the fund manager of the REAF fund, supported by: is the fund manager of Evolution One Fund, supported by:

Investors: mostly IFIs and DFIs; local public investors; a few private investors Fundraising before investment begins: at least 1 year from the start to first close; up to 2-3 years from the start to final close Teams: almost always first-time; strong input/guidance from IFIs/DFIs needed Geography: Asia leading; then Latin America Experiences of GEEREF Portfolio Funds

Thank you for your attention! Contact: Cyrille Arnould Website: Tel: – 85140