The EBRD is considering providing an equity investment of up to €40 million, but not exceeding 20 per cent of total aggregate capital commitments, to Crescent Clean Energy Transition Fund (“CETF” or the “Fund”), a private equity investment fund to be registered as a limited partnership under the laws of Guernsey.
The Fund is a first-generation fund with the objective of making equity and quasi-equity investments in the energy sector in Turkey, South-Eastern Europe, Caucasus and Central Asia (the “Region”).
The transition impact and demonstration effects associated with this potential investment are expected to include:
* development of a private equity market for the energy sector in the Region;
* expansion of renewable energy markets and transition to low carbon economy;
* transfer of technical, operational and financial skills to the investees; and
* promotion of good corporate governance and integrity standards among the investees.
The Fund will be managed by Crescent Clean Energy Partners GP Limited, a limited company to be incorporated under the laws of Guernsey and owned by the management team.
EBRD Finance
Equity investment of up to €40 million to the Fund but not exceeding 20 per cent of total aggregate capital commitments. The target Fund’s size is €200 million at final closing.
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