Brussels in brief, WW200908
New €1.5 billion fund for renewable energy projects
A €1.5 billion equity fund is being set up by the European Investment Bank (EIB) for renewable energy projects, transport and energy infrastructure. The fund, known as ‘Marguerite: the 2020 Eur opean fund for energy, climate change and infrastructure', should be launched later this year, begin investing in 2010 and run for 20 years. Projects in all the Member States will be eligible.
The EIB is setting up the fund in response to requests last year from finance ministers and EU leaders.
Alongside the EIB, sponsors of Marguerite include public banks Cassa depositi e prestiti (Italy), Caisse des Dépôts et Consignations (France), KfW Bankengruppe (Germany) and Instituto de Crédito (Spain). Other banks, and the European Commission, may also invest. The fund will make its first call for investment this December, and each bank is likely to dedicate a sum of €100 million.