EIB mulls EUR 97m of backing for renewable energy funds

The European Investment Bank (EIB) is considering providing close to EUR 100 million (USD 106m) in finance to two funds that will support investments in renewable energy.

EIB may lend EUR 50 million to Acofi Gestion, which looks to provide long-term financing to the developers of small and medium-sized renewable energy project in the European Union (EU), mainly in France. Acofi Gestion seeks a total of EUR 200 million.

Also, the bank is mulling an equity investment of up to USD 50 million in GEEREF NeXt, a fund whose goal is to back renewable energy and energy efficiency projects in the African, Caribbean and Pacific Group of States (ACP), as well as in Asia and Latin America. The fund’s target size is USD 750 million. It is the successor to GEEREF (Global Energy Efficiency and Renewable Energy Fund).

EIB was appraising the two projects as of April 10, 2017.

(EUR 1.0 = USD 1.065)

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