Global Energy Efficiency and Renewable Energy Fund I


Last updated 12 May 2020, by Impactyield.

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Fund geography

Emerging countries (256)

GEEREF (the Global Energy Efficiency and Renewable Energy Fund) is an emerging market fund-of-funds.

GEEREF invests in funds in Asia, Africa and Latin America which target infrastructure projects and companies in the sectors of energy efficiency and renewable energy. GEEREF was launched in 2008 with public funding from Germany, Norway and the European Union (‘A Shareholders’) totalling €112 million. It seeks to accelerate private investment into its target markets by providing a superior risk-adjusted return, drawing upon the resources of EIB and EIF in private equity and energy infrastructure investment globally.

GEEREF has committed €74 million to seven funds and is seeking a further €112 million from a limited number of private investor subscriptions for ‘B Units’ to deploy capital swiftly into its current fund pipeline. GEEREF’s unique public/private structure grants a preferred return to B Units, offering significant downside protection and accelerated liquidity through a diversified portfolio into some of the world’s fastest growing markets.

Financial description

GEEREF invests in traditional private equity funds (€50m to €150m AUM) investing in clean energy infrastructure in emerging markets. These underlying funds invest construction equity into new build clean energy projects requiring €3m to €10m of equity.
Clean energy infrastructure projects target yields circa 15% at the operating level with a view to delivering gross funds returns in the region of 15% to 25%, assuming some yield compression on exit.
Returns from cash reflows to GEEREF net of GP fees and expenses are estimated in GEEREF's portfolio model Base Case at 15%, leaving a net portfolio return of 11%.
Private investors (B Unitholders) benefit from an annual preferred return of 4% + 6% (on committed not drawn capital) ahead of a pro rata distribution to all investors. The Base Case return (net of all fees and expenses) for private investors is estimated at 24% IRR and 1.8X COCM.

15 years

of track record


the year funded

224,000,000 EUR


SDG goals

SDG targets

Universal access to modern energy

Increase global percentage of renewable energy

Double the improvement in energy efficiency

Expand and upgrade energy services for developing countries

Key performance indicators

Fund overview

Asset manager: Global Energy Efficiency and Renewable Energy Fund

Product track record: Fund has 15 years of track record

Target IRR: 24%

Committed Capital: 127,000,000 EUR (Euro)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2008

Vintage year: 2008

Target region:

Target close date: 01/07/2014

Product term: 10 years remaining

Assets under management: 224,000,000 EUR (Euro)

Investment size: Min: 10,000,000; Max: 15,000,000; Avg: 12,500,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 7

Fund investments to date exited or repaid: 1

Management fee: 1%

Carried interest: 5%

Hurdle rate: 10%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: Republic of Germany, Kingdom of Norway, European Union, Portland Holdings, L&P Group, European Investment Bank

Limited Partner / Investor Type: Family Office, Pension Funds, Other Institutional Investors




Phone number: +352 43 79 1

If you wish to have your details removed from this database please email

Alex Murray


Cyrille Arnould

Head of GEEREF

Impact Performance


Impact thesis

Over the next fifty years the majority of carbon emissions are expected to come from emerging markets. Trillions of dollars of clean energy capacity in these countries is needed to mitigate this. Furthermore, clean electrification is a major enabler of sustainable economic development in frontier markets. GEEREF has been created and structured in order to leverage public sector funding to mobilize private sector capital to build this clean energy capacity.
The beneficiary clean energy projects are typically sub-10MW, requiring €5m to €10m. These projects struggle to attract capital from global institutional investors who lack structured routes to finance them. GEEREF is therefore designed to provide investors with this access through a highly diversified programme. While the target markets offer higher returns than those of the OECD, the associated complexities and risks need managing appropriately and the fund-of-fund structure is perfectly suited for this.
EIB’s analysis indicates that GEEREF’s commitments to funds catalyses over 7x as much again into the underlying GP funds. These in turn catalyse a further 2.5x into the actual infrastructure projects. With leverage this further increase to 6.6x, taking the total multiplication effect to over 47x the initial commitment, ie over €10bn of total capital formation into new build clean energy capacity in developing countries.

Impact Management


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