eeef's reaches financial closing of its first equity investment, the Orléans biomass plant in France

Paris – Orléans Biomasse Energie, European Energy Efficiency Fund’s first equity investment, signed a long-term financing contract, arranged by Crédit Agricole des Régions Centre Ingénierie Entreprises (CARCIE), with Crédit Agricole Centre Loire and OSEO on May 23rd, thus marking a last milestone in the financial close of the transaction. This equity investment has been realised through purchase of 84.4% of shares of Orléans Biomasse Energie by eeef. Dalkia France is co-investing along with eeef and is a shareholder of the remaining 15.6% of Orléans Biomasse Energie and also responsible for the operation/maintenance of the plant and the supply of biomass. The total amount of investment for the CHP is €36.4m with Crédit Agricole Centre Loire and OSEO contributing 83% of the senior debt.

The co-generating facility is using high steam pressure to produce heat and electricity and has a capacity of 7.5MWe (electrical) and 17MWth fired by wood chip biomass sourced from local suppliers within a radius of less than 100 km. The thermal heat will supply the district heating network of the City of Orleans situated in central France. Electricity produced will be sold to EDF through a 20 year contractual agreement.

The plant will allow 15,000 households in the City to achieve annual savings of €200 with the new energy source. The facility will save 20,500 tons of CO2 per year.

The European Energy Efficiency Fund (eeef) S.A., SICAV-SIF is a “société d’investissement à capital variable” governed by Luxembourg law and was initiated by the European Commission in cooperation with the European Investment Bank. The initial capitalization provided by the European Commission was increased with contributions from the sponsors European Investment Bank, Cassa Depositi e Prestiti as well as the Investment manager Deutsche Bank.