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

2. 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

3. 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