Eiffel Investment Group (Eiffel) and the European Investment Fund (EIF) have announced the launch of the Eiffel Transition Infrastructure equity fund, managed by Eiffel.
The purpose of the fund is to provide bridge financing for renewable energy infrastructure assets in Europe. The fund's plan is to accelerate the deployment of up to 7 GW of new renewable electricity generation capacity, thereby helping to avoid emissions of up to 4 million tons of CO2 equivalent per year. Eiffel Transition Infrastructure’s equity bridge is an extension of Eiffel’s debt bridge financing program. The InvestEU, which brings together all EU financial instruments to support investments, making project financing easier, more efficient and more flexible, supports the fund.
The target size of the fund is up to EUR500 million (US$516 million) and the EIF sponsors the initiative, allocating EUR75 million (US$77 million). Investors such as AG2R LA MONDIALE, Abeille Assurances, Allianz and l'Auxiliaire joined the first closure. The first two deals with developers Green Genius and Pacifico Energy Partners are expected before the end of 2022.