df df GEEREFs Experience Leveraging private finance for

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df df GEEREF’s Experience Leveraging private finance for climate action in developing countries UNFCCC

df df GEEREF’s Experience Leveraging private finance for climate action in developing countries UNFCCC Bonn, June 1 -2, 2011 dfdf Cyrille Arnould European Investment Bank (EIB)

What is GEEREF? • Luxembourg domiciled, SICAV-SIF • Fund of Funds (indirect investment) •

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 108 m): GEEREF

GEEREF Investors and EIB Group Investors in the first closing (EUR 108 m): 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

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

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

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 75 m EUR 108 m EUR ~650 m in total = Lev. 1 : ~5 (GEEREF : Others) EUR ~4 bn 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,

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;

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.

Thank you for your attention! Contact: Cyrille Arnould E-mail: c. [email protected] org Website: www. geeref. eu Tel: +352 4379 – 85140