Global Energy Efficiency and Renewable Energy Fund 2.0

This intervention is to design GEEREF (Global Energy Efficiency and Renewable Energy Fund) II to raise up to EUR 1bn ($1.38bn) of public and private capital for clean energy infrastructure. GEEREF is a fund-of-funds model that leverages public finance in multiple layers with a first loss mechanism to bring clean energy to emerging markets. GEEREF I will cornerstone some 15 clean energy infrastructure funds across Asia, Africa and Latin America, enabling them to raise up to EUR 100m ($138m) equity each. These funds then deliver additional capital through co-investment and debt into the underlying projects, creating a multiplier effect for GEEREF investors of nearly 50 times. The intervention will help develop the structure and acquire finance for GEEREF II.
Champion

Cyrille Arnould

Head
GEEREF
European Investment Bank

TEAM

Alex Murray, Principal, Beetle Capital Partners
Monty Howard, Economist, European Investment Bank
Peter Gutman, Managing Director, Standard Chartered Bank

METRICS VALUE
Current market size 2,364TWh (2011)
Current annual investment $97.5bn (2013)
Market opportunity 7,178TWh (2035)
Potential scale of intervention $5bn/yr

Requested FiRe Input

  • Sculpt investment proposition for GEEREF II
  • Identify new potential public and private partners
  • Find potential investee funds for GEEREF II
“This is based on an established and successful model.”
-Pre-selection committee

Scope

  • Sectors: Clean energy
  • Geography: Non-OECD

Action Plan

  • Map relationships/targets among potential public and private partners (5-6/2014)
  • Reach out to potential public partners to introduce GEEREF II (7-9/2014)
  • Build pipeline of potential investee funds (9-12/2014)
  • Formal launch of GEEREF II (2015)

Main Barriers

  • Financial capacity and liquidity
  • Immaturity of markets
  • Limited investible fund propositions

Contact