First three operations signed under the PF4EE instrument

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Crédit Coopératif (France), Komerční Banka (Czech Republic) and Banco Santander (Spain) signed agreements with the European Investment Bank to promote lending for energy efficiency projects under the EIB’s recently launched instrument Private Finance for Energy Efficiency.

The announcement that three financial intermediaries enter into agreement with the EIB marks the launch of operations under the new PF4EE instrument which was initiated by the European Investment Bank and the European Commission (LIFE Programme) a few months earlier.

PF4EE combines an EIB loan, a risk sharing facility covering potential losses, and technical assistance – provided by adelphi and partners – to support PF4EE partner banks in the implementation of the instrument.

While all financial intermediaries participating in PF4EE are entitled to equally benefit from the instrument’s three abovementioned components, each bank is invited to individually shape its activities under PF4EE according to the local market’s needs.

Santander, for instance, announced to on-lend the EIB loan primarily for financing investments in the Spanish hotel and tourism industry. Komerční Banka, on the other hand, focuses mainly on SMEs and projects in the buildings sector. Crédit Coopératif targets associations, cooperatives, and other enterprises in the social and solidarity economy.