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Energy efficiency: MAIF and the European Investment Fund (EIF) backed by InvestEU join forces with the launch of the F2E Fund managed by Sienna Private Credit

The contribution of MAIF and the EIF has enabled the F2E fund to reach €85 million in commitments. F2E, a private debt fund with a target size of EUR 250 million, aims to finance industrial players in the energy transition.

Given the need to accelerate the green transition to renewable energies and the decarbonisation of our economies, the F2E fund offers tailor-made financing solutions to support SMEs and industrial players in the Energy Transition. It targets the support of projects in various fields such as energy performance, self-consumption, storage, or even low-carbon mobility. In particular, the Fund will be able to support green hydrogen production projects.

The fourth initiative of the Sienna Private Credit team in favor of the energy transition, the F2E fund is an impact fund classified under article 9 of the European SFDR (Sustainable Finance Disclosure Regulation). It also has the Greenfin label. The impact dimension of the fund is acquired through bilateral discussions with the company. It meets the criteria promoted by Finance for Tomorrow and is based on a precise line-by-line measurement of the tons of carbon avoided thanks to the implementation of the investments covered by the financing.

In line with the deployment of the climate strategy of its investments, MAIF has decided to sponsor the F2E Fund. This initiative is in line with MAIF's desire to contribute to achieving the objectives of the Paris Agreement. Through this investment, the MAIF Group is providing tangible financial support to players who contribute to the energy transition, such as equipment manufacturers and installers, but also small and medium-sized businesses who wish to carry out energy efficiency actions on their property and industrial assets. The positive impact of the fund will be measured thanks to the implementation of indicators, which will guarantee a credible approach with quantifiable results.

The European Investment Fund has chosen Sienna Private Credit and the F2E fund for its first senior private debt investment, backed by the new InvestEU programme. This commitment and support symbolize the adequacy between the sustainable investment objective pursued by the fund, which aims to contribute to the reduction of greenhouse gas emissions, and the major European objectives of transition to a low-carbon economy. This investment contributes to the EU Green Deal and supports a transition to a climate-neutral economy based on sustainable development, a reduction in dependence on fossil fuels and sustainable management of natural resources, among other goals. In addition, the underlying investments will be predominantly aligned to the EIF's criteria for Climate Action and Environmental Sustainability. Those criteria are in the spirit of the EU Taxonomy for Sustainable Finance, adapted to the specific needs of private market and small enterprise and are part of the EIB Group Climate Bank Roadmap approved in November 2020.

Commissioner for the Economy, Paolo Gentiloni states:

InvestEU is making an important contribution towards securing our European Green Deal objectives. I am delighted that, with this agreement, InvestEU is once again supporting the decarbonisation of our economies and laying the foundations for a sustainable future.”

Carole Zaccheo, Chief Investment Officer at MAIF, indicates:

"Convinced of the relevance of this initiative, which offers a complementary positioning to green energy production funds, MAIF is delighted to support Sienna Private Credit in the launch of the F2E fund. This investment is fully in line with the implementation of the MAIF Group's investment climate strategy, by financing projects that make particular sense today in the context of the search for energy sobriety."

Alain Godard, EIF Chief Executive says:

“Improving energy efficiency is an essential lever to achieve the ecological transition of industry. Innovative solutions are needed to enable its players to decarbonize their activities, and this is why we are very proud to support the F2E Fund managed by Sienna Private Credit, one of the very first operations carried out thanks to the new European investment program InvestEU supported by the European Commission.”

Nicolas Fourt, Partner in charge of sustainability at Sienna Private Credit, states:

"F2E's strategy is the result of the know-how acquired by Sienna Private Credit in private debt and more specifically by the Energy Transition team in RE financing. It fully meets the expectations of industrial players seeking innovative solutions to finance a wide range of decarbonation projects. The trust placed in us by MAIF and EIF, two players historically committed to sustainable and impact investing, is an undeniable asset for the success of this project."

 

Original article link: https://ec.europa.eu/commission/presscorner/detail/en/IP_22_6271

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