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1 11 European Investment Bank 1 1 The London Green Fund (a JESSICA holding fund) established in late 2009 to invest in carbon reduction projects in line.

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Presentation on theme: "1 11 European Investment Bank 1 1 The London Green Fund (a JESSICA holding fund) established in late 2009 to invest in carbon reduction projects in line."— Presentation transcript:

1 1 11 European Investment Bank 1 1 The London Green Fund (a JESSICA holding fund) established in late 2009 to invest in carbon reduction projects in line with the Climate Change component of the London Plan Focused on energy efficiency, waste and decentralised energy as the 3 biggest carbon reduction opportunities for London Governed by representatives from the Greater London Authority, the Environmental Agency and the London Waste and Recycling Board. The Mayors environmental advisor sits on the Investment Board Energy Efficiency Urban Development Fund £35m ERDF London Green Fund £100m* Managed by EIB London Waste & Recycling Board London Development Agency £50m Private finance £50m£32m£18m * The remaining £15m may, as an option, be invested in one or both UDFs in due course Urban Projects The London Green Fund Private finance Waste Urban Development Fund Equity type investment Loan type investment Low risk High risk Min £50m Min £35m Aiming to deliver outputs/impacts on job creation, tons of carbon saved, and minimum energy usage savings

2 2 22 European Investment Bank the waste UDF will primarily finance, via equity or equity-type investment, the construction or expansion of: Waste to energy/fuel facilities (excluding incineration) Value added re-use, recycling or reprocessing facilities The Waste UDF – Foresight Environmental Fund Bank lending Project sponsors Venture capital trusts Pension funds/ private investors ERDF £18m London Green Fund UDF: £70m Pari pasu: £118m Investment programme £204m In line with the Mayors municipal waste strategy, and in close collaboration with the London Waste and Recycling Board…

3 3 33 European Investment Bank 3 the fund manager has a significant component of fees linked to maximising carbon reduction and energy efficiency impactsAs a provider of cheap debt, return expectations for the fund are low, but the private sector finance provider still makes a commercial return, and the fund manager has a significant component of fees linked to maximising carbon reduction and energy efficiency impacts Insulation Building management technologies Cooling equipmentLow carbon heating cheap loan financing for retrofit and low carbon heating projects in local authority, university, hospital, social housing and other public buildingsA GBP 100m Urban Development Fund, managed by Amber Infrastructure, with co- financing from Royal Bank of Scotland, blended with London Green Fund monies to provide cheap loan financing for retrofit and low carbon heating projects in local authority, university, hospital, social housing and other public buildings. The EE UDF – London Energy Efficiency Fund EIB will be providing low cost funding ELENA facilityEIB will be providing low cost funding to RBS to improve benefits to the public sector end users. The EIB managed ELENA facility is providing technical assistance for project preparation Low cost financing in exchange for carbon reduction benefits Leveraging other EIB products

4 4 44 European Investment Bank 4 Contact JESSICA and Investment Funds European Investment Bank Bvd Konrad Adenauer, L-2950 Luxembourg Frank Lee Head of holding funds and advisory, Northern Europe Tel: Mob:


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