Creation of a closed-end venture capital fund that will invest in small to medium-sized power and heat generation and distribution projects and companies in central and eastern Europe and the Baltic states.
The Bank will use its capital to reach the large segment of the market represented by small and medium-sized projects, and will provide additional capital for privatisations. These projects face a relatively larger challenge in raising equity capital and will benefit from the structuring and financial management expertise of the Fund manager.
The project will advance the transition process by encouraging structural reform, transparent and competent regulation, market liberalisation and sound environmental practices. The Fund will target investments that contribute to these goals for the sector.
The EIF Group Central and Eastern European Power Fund is a closed-end private equity fund to be established in Bermuda with a capital of up to US$ 250 million (EUR 240.4 million). The Energy Investors Funds Group (EIF) of the United States is the sponsor of the Fund. EIF will manage the Fund and lead the fund-raising efforts.The Fund will primarily invest in small and medium-sized power generation and distribution projects in central and eastern Europe, with limited investment in power development companies.
The EBRD expects to invest 20 per cent of the total value of the Fund or up to US$ 50 million (EUR 48.1 million), together with other core investors.
US$ 68.7 million at first closing
US$ 250 million at second closing
EIF will follow the EBRD's Environmental Procedures for Large Equity Funds. In implementing these procedures, EIF will assess potential environmental issues associated with its investments, which are required to comply with relevant national and EU environmental standards, and in the absence of relevant EU standards, World Bank environmental guidelines.
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