During COP 27 in Egypt, the European Investment Fund (EIF), backed by the InvestEU programme, and Suma Capital Climate Impact Fund III announced a EUR 75 million equity agreement to increase financing for greenfield energy efficiency and circular economy projects in Spain.

EIF Chief Executive, Alain Godard and Suma Capital Climate Impact Fund III, CEO, Enrique Tombas signed the agreement in an online signature event, during COP 27 in Sharm El-Sheikh, Egypt.

The Fund will target a portfolio of 10-15 investments with tickets of EUR 10-50m in predominantly greenfield energy transition and circular economy projects. It will focus on projects in energy transition field including renewable energy generation, energy efficiency and smart mobility as well as circular economy field including biomass, biogas, waste and water management projects. The Fund will invest predominantly in Spain with the aim to opportunistically expand further to other EU markets such as France, Italy and Germany. With EIF’s commitment the Fund will reach EUR 200m[TN1] of total commitments in December 2023.

The EIF’s investment is one of the first in Spain under the new InvestEU programme, which provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It will also help mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition.

EIF Chief Investment Officer, Alessandro Tappi said: “Increasing green finance to bridge the financing gap for climate infrastructure projects is a key objective for the European Investment Fund. Suma Capital Climate Impact Fund III’s strategy is aligned with the EIB Group’s objectives of supporting climate action and CO2 emission reductions as it is investing in the renewable energy, energy efficiency and circular economy sectors. Signing this EUR 75m agreement during COP 27, confirms our commitment to the development of a much wider innovative, green and sustainable ecosystem.”

Suma Capital Climate Impact Fund III, CEO, Enrique Tombas said: “We are delighted to have the support of the EIF in our third-generation infrastructure impact fund to fight against climate change. We have been developing this activity for the last ten years, with our firm purpose of committing to building the future that we believe in, more inclusive and decarbonized.”.

Paolo Gentiloni, Commissioner for Economy, said: “Delivering on the green transition will require a massive additional investment effort over the coming years. InvestEU is playing its part and is already helping to make sustainable investment projects a reality throughout the EU. I am delighted that, with this agreement, InvestEU will further support the energy transition and circular economy projects in Spain.”

EIB Group at COP27

Find an overview of EIB at COP27 on our dedicated website. EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics. You will find the full agenda here. You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience, and network with attendees. With an easy two-step registration process, you will always have the latest information on our agenda.

Background information

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budgetary guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

The European Investment Fund is part of the European Investment Bank Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. The EIF is also active in supporting Climate and Infrastructure fund investments with a strong focus on climate action & environmental sustainability.

Through its activities, the EIF fosters EU objectives in support of countering climate change as well as fostering innovation, research and development, entrepreneurship, growth and employment.

Suma Capital is an independent purpose driven alternative asset manager focused on sustainability  investments  through three different programmes: Infrastructures, Growth, and Venture Capital.  With more than €700 million under management, Suma Capital is a well stablished European player in the  small and medium-sized segment.The Infrastructure division is a pioneering initiative that has been  supporting the Energy Transition and the Circular Economy for the last 10 years through equity investements. It aims to obtain both, financial and socio-environmental returns. After two successful previous impact funds, SC Climate Impact Fund III FCRE is  an article 9 Fund under the SFDR regulation and has a target size of €300M.