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2020 European Fund for Energy, Climate Change and Infrastructure - Marguerite Fund - More information (FAQ)

2020 European Fund for Energy, Climate Change and Infrastructure - Marguerite Fund - More information (FAQ)

  •  Date: 17 March 2010

Core messages

  • Responding to an initiative launched during the French EU Council presidency in the 2nd half of 2008, the core sponsors (“CS”) CDC, CDP, EIB, KfW, ICO and PKO decided to set up a European (EU27) equity fund for investments in minority participations together with other strategic or financial investors in new (greenfield) infrastructure projects in the areas of transport (Ten-T), energy (TEN-E) and renewables.
  • With the Marguerite Fund, the CS - together with further private institutional or other public investors - will make an important contribution in difficult economic times by providing positive impetus for European infrastructure investments.
  • The target volume of the Fund is EUR 1.5 billion, of which the six CS have contributed EUR 600 million in equal portions at the beginning of an initial closing period which started on December 3, 2009 and ended March 3, 2010. During this initial closing a number of additional investors have joined the Fund: the Bank of Valletta, the Caixa Geral de Depósitos and the European Commission. This brings total initial close commitments to over EUR 700 million. In subsequent fund-raising rounds, other institutional investors, both private and public may join the fund.
  • In parallel to the equity commitment, the CS and other institutions have also established] a EUR 5 billion debt financing initiative, so that, in addition to the equity investment made by the Fund, these projects could in principle also be supported with debt capital at the level of the individual projects.
  • Following a professional independent selection process, Nicolás Merigó, a former Santander executive (head of infrastructure principle and fund investment activities), joined the Fund as CEO of the Advisory company (Marguerite Adviser SA) as of February 1, 2010. Recruiting continues and the assessment of first investment opportunities of the Fund are to be made as soon as the Advisory Team is operational which is expected by mid 2010. The Fund is to be invested within four years from the date of final close expected at latest year-end 2011.

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