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Eiffel Investment Group and the European Investment Fund backed by InvestEU announce innovative equity bridge solution to support renewable energy in Europe

    Date: 10 November 2022
  • On the occasion of COP27, Eiffel Investment Group (Eiffel) and the European Investment Fund (EIF) announce the launch of Eiffel Transition Infrastructure, an innovative fund designed to provide equity bridge financing for renewable energy infrastructure assets in Europe. The fund is managed by Eiffel, a Paris-based asset manager financing energy transition since 2009.
  • The EIF is sponsoring the initiative committing €75 million to the new fund. Several top tier European institutional investors including AG2R LA MONDIALE, Abeille Assurances, Allianz and l’Auxiliaire have joined the first close. The fund is targeting up to €500 million.
  • The agreement is supported by InvestEU which brings together all EU financial tools to support investment by making project financing simpler, more efficient and more flexible.
  • The new fund expects to complete two inaugural investments before the end of the year.
  • It will enable renewable energy developers to accelerate development of assets. This contributes to the European ambition to accelerate the deployment of clean energy in Europe, as reinforced by the RePowerEU plan.

An innovative equity bridge solution to accelerate the development of renewable energy projects

Ten years after structuring the first bridge financings for renewable energy assets, Eiffel is innovating again by introducing equity bridge financing for green infrastructure, a first in Europe.

Eiffel Transition Infrastructure provides equity or quasi-equity to finance the development phase of renewable energy infrastructure assets. Project development -i.e., securing the land, permits, environmental authorisations, grid connection, designing the project engineering and signing electricity offtake contracts- generally takes several years and is capital intensive.

This equity bridge solution is particularly relevant for renewable energy developers and independent power producers with large pipelines of new projects in development but without the capital to finance them all in parallel.

Equity bridge financing is also particularly relevant for merchant assets (i.e. renewable energy assets that plan to sell their electricity on the market rather than under regulated tariffs or long term PPAs1) and for assets with new business models, such as combined generation and storage.

The EIF is sponsoring the initiative committing €75 million to the new fund. This agreement is backed by the InvestEU programme, which helps generate additional funding in key European priorities such as the green transition.

A natural extension of the debt bridge financings deployed by Eiffel for over 10 years

Eiffel Transition Infrastructure’s equity bridge is a natural extension of Eiffel’s debt bridge financing program, initially launched with the support of prominent investors among which the EIB and and the French government within the framework of the Future Investment Program, now integrated into France 2030, and operated by ADEME, the French environment and energy management Agency. Through this program called Eiffel Energy Transition, Eiffel has invested several hundreds of millions of euros per year and has executed more than 160 debt bridge transactions alongside more than 60 developers, thus financing 2,600 renewable energy assets.

A significant positive impact on CO2 emissions

With a target size of up to €500 million, the fund expects to accelerate the deployment of up to 7 GW of new renewable electricity capacity, thereby contributing to avoiding the emission of the equivalent of up to 4 million tons of CO2 per year2.

Two inaugural transactions expected before year-end

Illustrating the relevance of the new fund's strategy and the need for bridge capital, two inaugural transactions are expected to close in the coming weeks, with Green Genius and Pacifico Energy Partners, two developers with whom Eiffel has worked successfully in the past. In each case, Eiffel Transition Infrastructure will set up a joint venture with its partner to develop an initial portfolio of a few hundreds of MWs of PV projects.

Pierre-Antoine Machelon, head of Infrastructure at Eiffel, declares: “by providing much-needed equity alongside midsized independent renewable energy developers and power producers, the Eiffel Transition Infrastructure fund accelerates the development of new renewable energy capacities, helping Europe achieve energy sovereignty and generating a significant positive impact on greenhouse gas emissions and climate change.”

Michal Kurtyka, former Climate Minister of Poland and former President of COP24 and senior advisor at Eiffel, adds: “this new fund is another very tangible contribution by Eiffel and its investors, in particular the European Investment Fund, to reaching the objectives of the Paris Agreement, reasserted this week during COP27”.

Alessandro Tappi, chief investment officer of the European Investment Fund, comments: “Contributing to the EU’s green transition agenda is a top priority for the EIF. This has become even more important and urgent given the current energy crisis. We are therefore very glad to be doing our part and investing in a fund that will make real, tangible and meaningful steps in the direction of meeting the EU’s climate targets. Investing in climate funds is a key priority for us, and with the support of the new InvestEU programme, we are further strengthening our contribution to the EIB Group climate action agenda.”

Paolo Gentiloni, European Commissioner for Economy, said: “Developing the infrastructure needed to decarbonise our economies and safeguard our energy security will require significant and sustained investment. InvestEU is an innovative and powerful tool that is helping to harness this investment. I am delighted that, with this agreement, InvestEU is channelling the finance needed to accelerate the deployment of additional renewable energy capacity.”

Background information:

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF contributes to the pursuit of key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability and more.

Eiffel Transition Infrastructure is strictly reserved for institutional investors.

About InvestEU

The InvestEU programme provides the European Union with crucial long-term financing by mobilising significant public and private funds to support a sustainable recovery. It helps generate additional investments in line with key European priorities, such as the European Green Deal, the digital transition and support for SMEs. The InvestEU programme brings together all EU financial tools to support investment by making project financing simpler, more efficient and more flexible. The programme has three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budgetary guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

About Eiffel Investment Group

Eiffel Investment Group is an asset manager with ca. €4.5 billion under management (data as of 30 September 2022, including undrawn commitments). Eiffel Investment Group’s clients are large institutional investors (insurers, mutual funds, pension funds, banks, large family offices, and public investors) as well as individuals, through intermediary distribution.

Eiffel Investment Group cultivates a strong industrial expertise, particularly in the field of energy transition, but also in health, agri-food and digital. It finances companies and their assets through four main strategies: private debt, energy transition infrastructure, private equity, and listed equities and credit.

Eiffel Investment Group’s mission is to invest for a sustainable world. Its investment strategies aim to generate not only a strong financial performance but also a positive impact on the environment and society.

The Eiffel Investment Group team has approximately 80 talented employees, mainly in Paris, with presence in Amsterdam, Warsaw, and New York. The Eiffel Transition Infrastructure fund is exclusively reserved for professional clients.

About AG2R La Mondiale

A specialist in social and asset protection in France, AG2R LA MONDIALE provides insurance services to individuals, companies and industries to protect health, secure assets and income, guard against life's accidents and prepare for retirement. The Group has more than 15 million policyholders and supports 500,000 companies on a daily basis. With nearly 15,000 employees, AG2R LA MONDIALE is present throughout France and the French overseas territories. As a company with equal and mutual governance, the Group cultivates a unique social protection model that closely combines profitability, solidarity and performance. Within the framework of the AG2R Agirc-Arrco and AG2R Prévoyance social action programs, and more generally of its commitment to society, AG2R LA MONDIALE works on a daily basis to promote good ageing in line with the needs of individuals and regions.

Follow the news: www.ag2rlamondiale.fr / @AG2RLAMONDIALE

About Abeille Assurances

Abeille Assurances is a major insurance company in France, with 4,200 employees, 1,000 general insurance agents and 170 years of experience, offering a wide range of insurance, personal protection, savings and pensions products to more than three million clients. Abeille Assurances offers its products via a multi-channel approach tailored to client needs, including a nationwide distribution network in France (1,000 general agents, 1,800 brokers, 90 Epargne Actuelle advisers), a wealth management bank (UFF) and a direct approach with 185 telephone advisers (including Eurofil).

Abeille Assurances is also the historic partner of the AFER, the leading association of savers in France (with nearly 754,000 members).

For more information visit abeille-assurances.fr

Abeille Assurances is an entity of Aéma Groupe, which was created in January 2021 from the merger between Aésio Mutuelle and Macif. Supporting and protecting more than 11 million policyholders, the group has more than 18,000 employees, 1,800 elected representatives and achieved turnover of €11 billion in 2021. In September 2022, Aéma Groupe created Ofi Invest, grouping the activities of Aviva Investors France, Aviva Investors Real Estate France, Aéma REIM and the Ofi group. As a leading mutual insurance group, with numerous business lines and brands, Aéma Groupe works each day to help shape a fairer and more human world by placing consideration at the heart of the relationship with its mutual members and corporate clients.

For more information, visit aemagroupe.fr

About Allianz

Allianz, one of the global leaders in insurance, offers a comprehensive range that covers all the needs in insurance, assistance and financial services of individuals, professionals, companies and communities. With more than 155,000 employees worldwide, Allianz is present in more than 70 countries, serving 126 million customers.

A multi-line insurer specialising in property and social protection, Allianz France relies on its extensive expertise and the dynamism of its 8,500 employees in France. Over 7,000 commercial intermediaries, Agents, Advisors, Brokers, and Partners are present to provide high-quality advice to 5.3 million customers who put their trust in Allianz France.

*Including non-consolidated entities with Allianz customers.

@allianzfrance     Allianz France    Allianz France   Allianz France   Allianz France

About Auxiliaire

L'Auxiliaire was founded in Lyon in 1863 by building and public works contractors who wished to protect their profession jointly against hazards and damages. Today, it is a mutual insurance company with a full coverage in France.

It accompanies and responds to all the players in the construction industry, whatever their size: public works companies, architects and project managers, materials manufacturers and traders, project owners, design offices, individual house builders and local authorities.

L'Auxiliaire offers them the best solutions for the protection of their responsibilities, their property and the people around them. With its strengths combining reliability, flexibility and technicality, it has a range of products adapted to its clients while ensuring a local service thanks to an individual approach to needs.

Attentive to the constant evolution of markets and regulations, L'Auxiliaire develops innovative and competitive insurance solutions to best meet the needs of all construction industry players.

Find L'Auxiliaire on www.auxiliaire.fr

Press Contacts:

EIF: Christophe Alix, c.alix @bei.org, Tel.: +352 43 79 84303 / Mobile: +33 6 11 81 30 99
Website: www.eif.org – Press Office: +352 4379 21000 – press@eib.org  - Follow us on Twitter

Eiffel Investment Group:

M. Samuel Beaupain, samuel@edifice-communication.com, Mobile: +33 6 88 48 48 02

Responsable presse : contact@eiffel-ig.com

European Commission:

Flora Matthaes,  flora.matthaes@ec.europa.eu, Tel. : +32 2 298 39 51

Power Purchase Agreement (PPA) is a long-term contract under which a company agrees to purchase electricity directly from a renewable energy generator.

2 tons of CO2 avoided: this indicator is calculated by multiplying the amount of electricity produced by the projects annually by the carbon footprint of the energy mix of each country where these projects are located (source: Ademe, Base Carbone v18, 2020): Ademe, Base Carbone v18, 2020)

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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