eeef European Energy Efficiency Fund

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1 eeef European Energy Efficiency Fund

2 Agenda 1 introduction to eeef - key elements 2 eeef investments: eligibility, process and project structures 3 Case studies 4 Final Remarks 2

3 1a eeef at a glance Objective Beneficiaries eeef s capital eeef is an innovative public-private partnership dedicated to mitigating climate change through market based financing in the EU28 Municipal, local and regional authorities or public and private entities acting on behalf of those authorities (e.g. utilities, public transportation providers, social housing associations, ESCOs..) Initial capitalization: 265m provided by the European Commission, the European Investment Bank, Cassa Depositi e Prestiti and Deutsche Bank Technical Assistance (TA) facility of 20m provided by the European Commission, now expired Project categories of Fund s investments: Investments Energy Efficiency (EE) Renewable Energy (RE) Clean Urban Transport 3

4 1b Objective, sponsors and governance Background and objective Commitment of the EU member states to achieve the 20/20/20 goals: 20% increase in EE, 20% reduction of CO2 emissions, and 20% RE in EU's energy mix by 2020 Substantial potential for EE and small scale RE in the European public sector Set up a funding source to enhance EE and foster RE dedicated financing within the European Union, primarily through the provision of dedicated financing to: municipal, local and regional authorities public and private entities acting on behalf of those authorities such as utilities, public transportation providers, social housing associations, ESCOs etc. European Commission (Initiator) European Investment Bank (Founding investor) Cassa Depositi e Prestiti (Founding investor) Deutsche Bank (Investor and investment advisor) Sponsors Focus areas: EE, RE and clean urban transport 4

5 1d Advantages of eeef Fast and flexible financing Various financing instruments Professional investment advisor, decision making process from initial screening (assuming all information is provided) until financial close no longer than 6 months One-stop shop from project development support via grants from the TA facility to tailor-made financing of projects The fund offers various financing instruments including senior debt, mezzanine, equity, leasing structures and forfeiting loans Fund can also operate as the sole investor in projects (single investor transactions) to simplify implementation and lower execution costs Flexible with respect to maturities Long maturities Debt can be provided for maturities up to 20 years Equity or mezzanine capital can be provided to act as co-sponsor or longterm subordinated risk taker 5

6 1e eeef structure EUR, Local FX investments EUR funding Technical Assistance Facility Investment Committee Management Board Issuer Vehicle Luxembourg Investors Municipal, local, regional and national authorities and public or private entities acting on behalf of those public authorities Loans Direct Debt & Equity FIs Senior & Sub Debt Loans Investment Advisor Super-Senior Tranche (Notes) Senior Tranche (A Shares) Mezzanine Tranche (B Shares) Junior Tranche (C Shares) Prospect Institutional Investors Private Investors, International Financial Institutions or Development Finance Institutions Private Investors, International Financial Institutions or Development Finance Institutions 6

7 Agenda 1 introduction to eeef - key elements 2 eeef investments: eligibility, process and project structures 3 Case studies 4 Final Remarks 7

8 2a Eligibility criteria of the eeef An investment has to meet several eligibility criteria: General eligibility criteria such as: municipal link commitment of municipality to mitigate climate change (e.g. Covenant of Mayors Initiative) CO2 emission savings min. 20% use of proven technologies Each technology may have its own specific eligibility criteria Preferably project size: 5m to 25m smaller project sizes will be reviewed on a case-by-case basis Alignment with relevant EU legislation Project eligibility 8

9 2b Investment Process Project deal flow Initial Screening Approval for due diligence phase Investment Manager due diligence Preparation for the Investment Committee Investment Committee/ Mgmt Board approval Preparation of financial Closing Initial screening of project in line with eeef s eligibility criteria for investments Portfolio fit assessment In case initial screening is positive, detailed DD to be initiated Further project details required (financial model, comprehensive project description /investment memo, technical details, etc.) The investment manager conducts financial, technical and legal review: financial evaluation technical and legal evaluation environmental evaluation (validation of required CO2 savings for potential projects) The Investment manager prepares an investment proposal based on the due diligence to be presented to eeef s Investment Committee and Management Board Approval of the Fund s governing Body Negotiation of legal docs Disbursement of funds 9

10 2c eeef s typical projects are so far... Project examples Building upgrades Street lighting Biomass plants Photovoltaic Investment features Energy audits completed, vast energy savings potential Sufficient know-how of ESCO in case of big projects Savings guarantee required Depending on counterparty risk additional parental/municipal guarantee required Only light bulbs, switch boards plus EE related measures can be financed, not the light pole itself Ownership of lighting points need to be in municipal hand Technology with good track-record only Contracts for input (feed-stock) / output (e.g. Electricity/heat) in place Substitution of input possible Technology with good-track record (e.g. boilers, turbines etc.) O&M concept Land ownership in municipal hand Grid connection secured Feed-in tariff secured O&M concept Bankable module supplier Project structures Senior debt Mezzanine / equity Funding via co-investments in SPV or NewCo Forfaiting (mostly for Building upgrades in a ESCO structure) Leasing (mostly for clean urban transport projects) 10

11 2d (i) Forfaiting structure- guaranteed savings from the ESCO eeef (Purchaser) 3 Collection of the receivables from Beneficiary 2 Forfaiting agreement: purchase of 70% of receivables (limited recourse) ESCO (Seller) 4 1 Payment based on savings share Implementation of EE measures acc. to Energy Performance Contract (EPC) Municipality (Beneficiary) Savings guarantee ESCO commits to increase the energy efficiency and guarantees certain savings for the Municipality (by way of an independent guarantee) ESCO sells a certain part of its remuneration receivables at a limited-recourse 1 base to the eeef, the purchase price is the net present value of the remuneration receivables discounted at a certain factor EEEF collects the remuneration receivables from the Municipality The forfaiting agreement will be signed by the ESCO and EEEF, however the Municipality has to agree to certain representations/undertakings 1 Limited recourse means that EEEF has counterparty risk of Beneficiary to a certain extent in case of default and limited recourse rights against the Seller 11

12 2e (ii) Funding via Special Purpose Vehicle Illustrative Vehicle Municipality, private investor, ESCO, Utility etc. Equity funding eeef Debt funding SPV (established for EE/RE project) Design and Build /EPC contract Savings guarantee O&M contract ESCO Tender Municipality (Beneficiary) Subcontractors 12

13 2f eeef investment activity Key figures (as per 31/12/2013) More than 700 project proposals have been submitted to eeef via Fund s website 11 projects performed and (partially or totally) disbursed Total invested portfolio > 100ml Further 46ml projects approved and funds committed In addition, eeef has supported various municipalities with Technical Assistance funds : 9 municipalities with a total volume of approx. 8,7ml, ensuring further pipeline to be developed for the Fund mid-term/long-term Geographical and sectorial distribution Type of financial instruments Invested EoY

14 Agenda 1 introduction to eeef - key elements 2 eeef investments: eligibility, process and project structures 3 Case studies 4 Final Remarks 14

15 3a Energy efficiency upgrade of the University Hospital S. Orsola Malpighi - Bologna, Italy Project description Partners: Measures: energy efficiency CCHP Progetto ISOM S.p.A (project SPV) University Hospital S. Orsola Malpighi (grantor of concession) Upgrade of entire fluids production and distribution system of the hospital Including a tri-generation plant for the combined production of cooling, heat and power (CCHP) Location Bologna, Italy Results: Reduction of CO2 emissions of 14,136 t p.a., approx. 31% compared to baseline Project structure Manutencoop Facility Management Siram Sinloc Equity funding Project bond + VAT bond SPV Progetto ISOM S.p.A EPC and O&M Concession agreement UHSOM (Grantor of concession) Regional funding of healthcare Region Emilia Romania EPC and O&M Consortium: Investment characteristics Key data: Total project volume: 41 m (equity provided by Manutencoop Facility Management, Siram, Sinloc and Iter Cooperativa Ravennate) EEEF funded volume: 32m via a project bond structure Duration of financing: 20 years Highlights: Largest energy efficiency upgrade in Italy under a Public Private Partnership (PPP) framework Lighthouse project for the Italian and European energy efficiency market demonstrating the positive impact of a major energy efficiency investment in a complex hospital; replication potenial 15

16 3b Combined Heat and Power Plant (biomass) City of Orléans, France Project description Location Partners: City of Orléans, Dalkia France, eeef Measures: Biomass plant/ energy efficiency Results: Dalkia won a public tender realized under a French Regulation Commission Tender ( CRE3 ) for electricity /heat generation fired by biomass Biomass-fired combined heat and power plant with a capacity of 7.5 MW in electricity and 17 MW thermal energy Reduction of CO2 emissions of 20,500t p.a., approx. 89.1% compared to baseline Energy production kwh p.a. Orléans, France Project structure Investment characteristics Key data: EEEF is a 84,4% shareholder of Orléans Biomasse Energie s.a.s alongside Dalkia with 15.6%. City of Orléans Land rights agreement Orléans Biomasse Energie s.a.s Contract for electricity sale Construction contract EDF Total project volume: 36 m Total debt financing volume: 30m (provided by Crédit Agricole) Duration of financing: 18 years Highlights: Public concession for Heat supply to district heating network Dalkia Biomasse Orléans s.a.s Operation and maintenance, Incl. biomass supply Decentralized energy supply for City of Orleans using existing district network Supply of biomass within 100 km Long term PPA agreement with EDF 16

17 3c Building retrofit of the University of Applied Sciences - Munich, Germany Project description Location Partners: Measures: Building upgrade/ energy efficiency University of Applied Sciences Munich (UoM), Johnson Controls, eeef Installations of combined heat and power plant Installation of energy efficient lighting Optimization of heating Optimization of building management Munich, Germany Results: Reduction of CO2 emissions 88t p.a. approx. 11.6% compared to baseline Guaranteed energy savings 118,860 p.a. (41.7%) Financing structure 2 Forfaiting agreement: purchase of 70% of receivables / energy savings (limited recourse) ESCO (Seller) (Purchaser) 4 Forwards sold part of receivables/energy savings to eeef 3 1 Pays receivables/energy savings Implementation of EE measures acc. to energy performance contract (EPC) Savings guarantee UoM (Employer) Investment characteristics Key data: Financing volume: approx. 0.6 m Duration of financing: 10 years Highlights: Second project with the innovative forfeiting structure EE measure including a CHP plant (decentralized energy production) Role model for further energy efficiency investments in schools, universities etc. 17

18 3d Green lending cooperation with Banca Transilvania - Cluj-Napoca, Romania Project description Partners: Banca Transilvania S.A. ( BT ) Location Measures: Results: EEEF and BT, one of the leading banks in Romania signed a letter of intent regarding green lending to support energy efficiency and renewable energy investments Provision of financing to public and private building owners, homeowner associations and municipalities, public sector entities and private sector companies acting on behalf of the public sector Average CO2 emission reduction of at least 20% for projects financed via BT Cluj-Napoca, Romania Financing structure (Lender) Investment characteristics Key data: Financing volume: approx. 25 m Duration of financing: 10 years Highlights: Loan Agreement First cooperation of the EEEF with a financial institution and also EEEF s first project in Eastern Europe (Borrower) Sub-loans for EE and RE projects (Subborrowers) Strong local partner with credentials in financing several energy efficiency projects Role model for further Financial Institutions investments 18

19 3e Street lighting upgrade of the City of Venlo Venlo, Netherlands Project description Location Partners: City of Venlo (Borrower) Measures: Energy efficiency Street lighting The City of Venlo upgrades of the existing street lighting network of the city with energy efficient LED lamps The existing O&M contract for the street lighting network with a private service company stays in place and includes the upgraded lighting points Venlo, Netherlands Results: Project structure (Lender) Achievement of primary energy savings of around 62% p.a. compared to baseline Loan Agreement Obligation to invest into energy efficiency projects (Borrower) Investment characteristics Key data: Total project volume: 8.5m eeef funded volume: 8.5m via a senior debt loan covered by the City of Venlo Duration of financing: 15 years Highlights: First direct lending to a municipality by eeef. The street lighting upgrade is part of an overall green development plan of the city Reference project for European public authorities demonstrating efficient financing solutions for energy efficiency and renewable energy projects via eeef 19

20 Agenda 1 introduction to eeef - key elements 2 eeef investments: eligibility, process and project structures 3 Case studies 4 Final Remarks 20

21 4a Final remarks Demand for project funding via eeef remains high: five significant transactions were signed in Among these transactions, important European landmark projects such as e.g. EE financing for the University Hospital S. Orsola, first equity investment in City of Orleans CHP plant, first green facility for the financial institution Banca Transilvania In addition eeef has supported various municipalities with Technical Assistance funds (as per end of December 2013, 9 municipalities with a total volume of approx. EUR8.7m), thus building a basis for future financings In the long term eeef is required to diversify its regional focus and accommodate for financing of the smaller projects especially in Eastern and Northern Europe There is no sign of slowing demand in the European cities for energy efficiency upgrades, however the procurement processes will remain long, thus delaying the access for financing The overall increase of liquidity in the market, lower risk premiums /sovereign crisis resolved will require additional marketing efforts with focus on smaller transactions, highlighting availability of the long term funding from eeef 21

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