EuSIF invests exclusively in Greece in the equity of projects relating to environmental sustainability. More specifically, EuSIF invests in projects that achieve energy saving and energy production from renewable sources and projects of cyclical economy.
The Fund, which held its first closing in June 2021 with total commitments of €50m, has until now invested in numerous projects of LED lighting upgrades in Municipalities, that achieve an energy reduction of around 70%, as well as in projects that deploy solar parks on the roofs of industrial buildings and produce energy which is consumed through net metering.
Furthermore, EuSIF has developed a projects pipeline that relates to energy upgrades and repositioning of existing commercial buildings, development of solar and wind parks, waste management, and production of biofuels. Through its equity contribution, EuSIF will participate in projects in the Greek market with a total value in excess of €500m.
EuSIF’s investor base comprises banks, pension funds, family offices and sovereign funds from Greece, Europe and the Middle East. The Fund’s cornerstone investor is Hellenic Development Bank of Investments (HDBI), the Greek sovereign fund of funds. HDBI’s participation was catalytic for the formation of EuSIF.
As part of the final closing, Mubadala Investment Company, an Abu Dhabi-based sovereign investor managing a $284bn global portfolio, made a commitment as part of its co-investment partnership with HDBI.
Sirec Energy is the manager of EuSIF and at the same time participates with a considerable amount of its own capital to the Fund. Sirec Energy is an independent, partner-owned private equity firm. It was established in 2019 by Messrs. Dionissis Alissandratos, Evangelos Bardis and Leonidas Vergos. The team comprises nine professionals with extended track records in private equity transactions, energy projects and real estate investments.
Reed Smith acted as lead counsel on the formation of the Fund, providing combined legal support from London and Athens, and advised on the establishment and structuring of the Fund and investor negotiations from inception through to final closing. Deloitte acted as tax advisor.
Global co-lead of Reed Smith’s Financial Industry Group, Panos Katsambas, and Corporate Group partner, Shervin Shameli, co-led Reed Smith’s legal team, with support from Athens associate George Fountas.