European Energy Efficiency Fund launched

05 July 2011

The European Commission launched the European Energy Efficiency (EEEF) Fund on 1 July - a vehicle to finance public energy efficiency and renewable energy projects within the European Union.

The EC has invested € 125 million in the EEEF, while the European Investment Bank (EIB) has committed € 75 million and Italian public investment bank the Cassa Depositi e Prestiti (CDP) has contributed € 60 million. Deutsche Bank, meanwhile, has contributed € 5 million.

The EC aims to increase the € 265 million raised so far for the EEEF to € 800 million by attracting further investors.

Philippe Maystadt, EIB president, said, "We expect the fund to focus on smaller scale investments by local authorities or energy service companies".

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