The Global Energy Efficiency and Renewable Energy Fund (GEEREF) is a Public-Private Partnership (PPP) designed to maximise the private finance leveraged through public funds funded by the European Commission and managed by the European Investment Bank. GEEREF is structured as a fund of funds, and invests in private equity sub-funds that specialise in financing small and medium-sized project developers and enterprises (SMEs) to implement energy efficiency and renewable energy projects in developing countries and economies in transition.
|Details on our Data||Latest confirmation received from Fund Managers: 05-09-2012.|
|Name of Fund||The Global Energy Efficiency and Renewable Energy Fund (GEEREF)|
|Official Fund Website
|Date Created||Date fund proposed: 2006
Date fund made operational: 2008
| Proposed Life of Fund
||15 years after the initial closing date: 6 November 2008.|
|Administrating Organisation||European Investment Bank (EIB) through a fund management team from the European Investment Fund (EIF).|
|Objectives||The GEEREF aims to:
|Activities Supported||The GEEREF is invested through private equity funds, that must be approved by the Investment Committee and Board of the Fund. GEEREF finance will support a broad mix of projects promoting energy efficiency and renewable energy technologies. It emphasises deployment of proven technologies including
Sub-funds are invested in:
|Conditions and Eligibility Requirements||Focus on project funding in countries that have private sector engagement in their national policies. Prioritises small projects (less than EUR 10 million) as they are often neglected.Recipient countries must be eligible for Official Development Assistance.|
|Accessing the Fund||Fund management companies, financial institutions, project developers or individuals that intend to develop a clean energy investment fund or expand an existing fund into clean energy can propose seek finance. Developers of clean energy projects can also submit proposals for investment funds.
Proposals are expected to:
||Dedicated advisors from the EIB and the EIF provide support functions such as legal, tax, accountancy or risk management. An Investment Committee representing GEEREF’s investors and advisors make the investment decisions.|
|Non-Government Stakeholder Participation||Unknown.|
Donor contributions are partially disclosed on the GEEREF website. The GEEREF website reports investments.
The Commission has raised concerns that it has been hard to find bankable projects that promote energy efficiency and renewable energy, and a need for venture capital. European NGOs have raised concerns about the need for more transparency about the operations of the fund and the need for more technical assistance support to benefit organisations absent in recipient countries.
Relationship with Official Development Assistance
|Inclusion as Official Development Assistance||Yes.|
|Financial Instrument/ Delivery Mechanism Used (e.g. grant, loan)||Private equity and grants including for technical assistance.|
|Nature of Recipient Country Involvement||Limited information on the scope of recipient country involvement is available.|