HomeAlbania€95M Southeast Europe Energy Efficiency Fund Launches

€95M Southeast Europe Energy Efficiency Fund Launches

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A new fund focused on boosting the economic and environmental development in Southeast Europe has been established.
The €95m Southeast Europe Energy Efficiency Fund (SE4F) will invest in energy efficiency and renewable energy projects especially undertaken by small and medium-sized enterprises (SMEs) and households in Albania, Bosnia-Herzegovina, Croatia, FYR Macedonia, Montenegro, Serbia and Turkey.
The Fund’s financing will be provided mainly through loans to financial institutions, which will on-lend to SMEs and residential customers. A part of the SE4F’s resources will be also available for direct investment in specialist energy service companies (ESCOs), energy efficiency service and supply companies, and renewable energy projects.
Investors in the fund include the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW) and the European Commission (EC). The EIB, KfW and the EBRD are each investing €25m and the EC is providing close to €20m. The founding intuitions aim to increase the Fund’s size to €400m, by attracting additional funds from public and private investors.
The Fund is registered under Luxembourg law as a Variable Capital Investment Company (SICAV). It will be managed by Oppenheim Asset Management Services (Luxembourg).
FinSMEs
18/12/2009

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