On 1st July 2011, the European Commission launched a new European Energy Efficiency Fund (EEE-F) as part of the European Energy Programme for Recovery (EEPR).
The EEEF will allocate around EUR 146 million from the EEPR (3.7% of the total EEPR envelope) to a new financial facility dedicated to energy efficiency and renewable energies projects.
The EEEF will invest in energy saving, energy efficiency and renewable energy projects, particularly in urban settings, achieving at least 20% energy saving or GHG/CO2 emission reduction.
The fund will offer a wide range of financial products such as senior and junior loans, guarantees or equity participation to local, regional and (where justified) national public authorities to promote sustainable energy investments.
At its launch the initial fund volume will be EUR 265 million: in addition to the EU contribution (EUR 125 million), the European Investment Bank (EIB) will invest EUR 75 million, Cassa Depositi e Prestiti SpA (CDP, Italy) EUR 60 million and the designated investment manager (Deutsche Bank) EUR 5 million. Other financial institutions at Member State level have been invited and could also join the fund later. In addition private sector investors are expected to leverage the public sector contribution.
In addition, about EUR 20 million of the EU funding will be made available as grants for project development services (technical assistance) related to technical and financial preparation of projects.
For an overview of other financing possibilities related to sustainable energy :