Progress report for
European Energy Efficiency Fund (eeef) investing in sustainable energy projects in Europe
Achievement at a glance
Till date, the Fund has invested a cumulative € 200m in 18 highly distinctive projects of various technologies through close cooperation with 41 public authorities across 9 member countries. The Fund has assembled an extensive network of contacts within public authorities and industrial players which sustain a pipeline of investments and increase assets under management.Project achievements: In the beginning of 2020, new joiners strengthened the eeef Fund’s action, a one of a kind project for local mobility enters the portfolio. eeef and the e-bus manufacturer Dancer signed the agreement to set up the ‘Dancer Mobility’ venture, to provide to the cities in Lithuania leasing services of electric buses. Besides, the eeef Technical Assistance Facility achieved a strong presence in Eastern Europe. In July eeef signed a TA Contract with the Silute District Municipality (Lithuania) to improve public buildings energy efficiency and ensure that they meet the national energy performance requirements. In October eeef signed another TA contract with the Klaipeda Universtity Hospital (Lithuania) to enhance energy efficiency in buildings;
Funding achievements: In 2020, the Deutsche Bundesstiftung Umwelt (DBU) - the first private investor joined eeef alongside the European Commission, European Investment Bank, Cassa Depositi e Prestiti and DWS. The agreement increases the Fund’s total committed capital to EUR 150 million.
Challenges faced in implementation
During 2020, Covid-19 epidemic embraced the Member States and each country was adopting legislative provisions to fight it, mainly social distancing that led to physical business stopping. The restrictions intensity is proportional to the epidemic intensity locally and were adapted time by time. As the result, eeef Investment Managers had experienced dealys in public tenders, the installation and operation works were continued in all projects. In general, the EU and each State have issued extraordinary measures to give immediate support to the economy, while further recovery measures are also under discussion. eeef expects EU Green Deal and Innovation Wave to have a positive impact on the development efforts towards resilient communities in the EU member states, embracing energy efficiency, sustianable transportation and renewable installations.Next Steps
With a breadth of market knowledge, the eeef continues to maintain its role as a thought leader within the European energy efficiency industry. Over the previous years, the eeef promoted the efficient use of energy at the public level, and to date has successfully collaborated with 41 public authorities across Europe. The Fund’s activities in 2021 and the years that follow will involve strengthening partnerships with municipalities and developing partnerships with new authorities to ensure that climate change projects receive the priority that they require for Europe to achieve its CO2 reduction goals. The fund aims to continue such partnerships in various projects and technologies with a range of SMEs and large companies to facilitate the enhancement of public infrastructure, including building renovations, public lighting upgrades, and renewable energy installations.Beneficiaries
Beneficiaries of the European Energy Efficiency Fund are municipal, local and regional authorities as well as public and private entities acting on behalf of those authorities, such as local energy utilities, Energy Service Companies (ESCOs), district heating combined heat and power (CHP) companies or public transport providers. All projects within the Funds portfolio are to deliver a positive impact to public entities. The Fund through their investing activities and technical assistance facility continue to enable public entities to assess and realise renewable energy, energy efficiency and clean urban transport investments. Till date the Fund have invested into 9 member states, and to have signed 8 eeef TA projects in 3 different Member States.