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GEEREF’s Experience
Leveraging private finance for climate action in developing countries
UNFCCC
Bonn, June 1-2, 2011
Cyrille Arnould
European Investment Bank (EIB)
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What is GEEREF?
• Luxembourg domiciled, SICAV-SIF
• Fund of Funds (indirect investment)
• Registered as ODA
• Public Private Partnership (PPP) as a goal
• Operational since January 2009
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
Estimated leverage effect: from the
perspective of the EU and GEEREF
European Union
GEEREF
(Potential)
public
and
private
investors
Portfolio Fund 1, 2, 3, etc.
Project 1
Project 2
Project 3
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
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:
Experiences of
GEEREF Portfolio Funds
• 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
Thank you for your attention!
Contact:
Cyrille Arnould
E-mail: c.arnould@eib.org
Website: www.geeref.eu
Tel: +352 4379 – 85140