The European Investment Bank (EIB) has announced a € 30 million commitment for the new Solas ICAV Sustainable Energy Fund (SSEF), which focuses on the EU.
The SSEF fund has a total target size of € 200 million, and its first closure has now reached € 140 million and will fund energy-saving business models focusing on the renovation of existing infrastructure, especially buildings, across Europe.
At the same time, projects in both the public and private sectors will be supported, including small and medium-sized enterprises, which are finding it more difficult to secure funding.
SSEF also signed an agreement with the Private Efficiency Financing Support Program (PF4EE), a joint initiative launched by the Commission through the LIFE program and the EIB.
One of the aims of the PF4EE is to encourage private institutional investors, such as insurers and pension funds, to invest in European energy efficiency infrastructure, especially in small and medium-sized enterprises.
“Investment in energy efficiency, renewable energy production and building renovation is at the heart of the Europe Green Agreement and is crucial to reducing energy bills,” said Energy Commissioner Cadry Simpson. The Solas Sustainable Energy Fund will combine financial support from the European Strategic Investment Fund and PF4EE to mobilize affordable private funding for building energy efficiency investments, including on-site renewable energy. The PF4EE guarantee will be a benchmark for private equity investment companies’ initiatives and will ensure the participation of institutional investors in green assets. “It will bring us one step closer to achieving the goal of the European Green Agreement on Climate Neutrality by 2050.”
It is noted that the EFSI is a key pillar of the investment plan for Europe and so far has mobilized investments amounting to 546.5 billion euros for the benefit of more than 1.4 million small and medium enterprises.
George Fellidis
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