EIB, Solas Sustainable Energy Fund ink energy efficiency agreement
Date
2/22/2022 5:34:43 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb.22
By Leman Zeynalova - Trend:
Solas Sustainable energy Fund ICAV (SSEF), a fund advised by
Solas Capital AG, has reached its first close with €140 million,
including a €30 million commitment by the European investment Bank
(EIB), Trend reports with reference to EIB.
An initial investment will be made into a project portfolio of
energy efficiency measures in buildings. Buildings are responsible
for 40 percebt of the European Union's energy consumption, and 36
percent of its CO2 emissions. To achieve near zero emissions in
buildings, crowding-in private institutional capital will be
essential as public funding is not sufficient. SSEF is offering the
market a unique financing solution and is closing the gap between
energy efficiency funding needs and institutional investor
requirements.
SSEF also signed an agreement with the Private Finance for
Energy Efficiency (PF4EE) support scheme, a joint initiative
launched by the European Commission via the LIFE programme and the
EIB. One of the goals of PF4EE is to encourage private
institutional investors such as insurers and pension funds to
invest in European energy efficiency infrastructure, particularly
in the small and medium-sized (SME) sector. Further cornerstone
investors of SSEF are the Ireland Strategic Investment Fund (ISIF),
IDEAL insurance as well as MEAG, the asset manager of the Munich Re
group.
The fund will be advised by Solas Capital AG, a specialist
investment advisor in the energy efficiency sector. Solas Capital
partners with a wide variety of leading energy service companies,
project developers, equipment manufacturers, and public sector
bodies across the European Union to help facilitate their access to
tailor-made financing and enable new investment in energy
efficiency.
SSEF will offer funding for energy-saving business models
focusing on the renovation of existing infrastructure, particularly
buildings, using established and reliable energy efficient
technologies such as modern heating and cooling systems, combined
heat and power units, solar rooftops, building fabric, LED
lighting, etc. Projects in both the public and private sectors will
be supported, including the SME sector, which faces more challenges
in securing finance.
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