Rennes biomass plant in France enters eeef’s project portfolio as the second equity investment
Paris – The European Energy Efficiency Fund has completed its second equity transaction, investing in Rennes Biomass Energie, which has been authorised to operate a combined heat and power facility with an electrical output of 9.8MWe and thermal output of 22MWth over the next 20 years. This equity investment has been realised through the purchase of 85% of the shares of Rennes Biomasse Energie by eeef. Dalkia France is co-investing along with eeef and is shareholder of the remaining 15% of Rennes Biomasse Energie.
It is also responsible for the operation and maintenance of the plant as well as the supply of the biomass which will be sourced from local suppliers within a radius of less than 100 km. The thermal heat will supply the district heating network of the City of Rennes situated in North-West of France. Electricity produced will be sold to EDF through a 20 year contractual agreement.
The plant will supply 21,000 households in the City with green heat. The facility is estimated to save 37,063 tons of CO2 per year.
The European Energy Efficiency Fund (eeef) S.A., SICAV-SIF is a “société d’investissement à capital variable” governed by Luxembourg law and was initiated by the European Commission in cooperation with the European Investment Bank. The initial capitalization provided by the European Commission was increased with contributions from the sponsors European Investment Bank, Cassa Depositi e Prestiti as well as the Investment manager Deutsche Bank.