The European Investment Bank is considering a €50 million pledge to Eiffel Energy Transition Fund, a vehicle managed by Paris-based Eiffel Investment Group.
The commitment would allow the asset manager to collect a third of its €150 million target for a fund focused on “short-term financing to small solar PV, onshore wind and energy efficiency projects/development companies,” according to the EIB.
Founded in 2008, Eiffel Investment Group started off as a subsidiary of the Louis Dreyfus group, a French commodities and energy giant. It spun off from its parent group through a management buyout led by former Louis Dreyfus chairman and chief executive Jacques Veyrat in 2011.
The firm is focused on absolute return strategies, with its assets under management of more than €500 million invested in public and private European corporates credit.
EIB has invested in energy transition funds before, including a €100 million vehicle managed by Turkey’s Crescent Capital, to which the bank committed €13 million in 2011.
Its investments in Eiffel’s vehicle would come after a two-year lull, however. The last clean energy funds backed by the EIB include Mirova’s Eurofideme 3 and Sustainable Development Capital’s UK Energy Efficiency Investments Fund, according to its website.
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