Consideration of funding proposals – Addendum I Funding proposal package for FP038

The European Investment Bank (EIB) is requesting USD 265 million from the Green Climate Fund (GCF)—USD 250 million for an investment vehicle and USD 15 million for a technical assistance facility—to launch GEEREF NeXt. Structured as a fund-of-funds, the programme aims for a total size of USD 750 million, blending GCF public seed capital with USD 500 million in private sector finance. The programme targets the development, construction, and operation of renewable energy (RE) and energy efficiency (EE) projects in emerging markets, expecting to finance over 200 projects and add up to 18 GW of clean energy capacity. By using a two-tier capital structure with a 'first-loss' mechanism for public capital, GEEREF NeXt intends to mitigate risk for private investors and achieve a projected 50x multiplier, potentially mobilising USD 30 billion in total project financing. The programme will be managed by the EIB Group, leveraging the experience of its predecessor, the Global Energy Efficiency and Renewable Energy Fund (GEEREF).

• GEEREF NeXt seeks a total target fund size of USD 750 million, consisting of USD 250 million in public sector seed-in capital from the GCF and up to USD 500 million in B-tier capital from private sector investors.
• The investment objective is to develop up to 18 GW of new clean energy capacity, which is expected to reduce annual CO2 emissions by approximately 38.7 million tonnes and provide electricity to 41 million households annually.
• To attract risk-averse private investors, the fund uses a two-tier 'waterfall' return structure where B-tier (private) shares receive their capital back before A-tier (public) shares, acting as a first-loss mechanism.
• A USD 15 million Technical Assistance Facility (TAF) will be established to build the capacity of investee funds (particularly 'Pioneer Funds') and to incubate projects in challenging environments, such as Small Island Developing States (SIDS).
• The programme will target a diverse range of technologies, including solar, wind, small hydro, geothermal, biomass, and biofuel for generation, as well as waste heat recovery and smart grids for energy efficiency.
• GEEREF NeXt will operate as a fund-of-funds, primarily investing in specialised private equity funds managed locally, while also making direct co-investments in beneficiary projects.
• The programme's implementation timeline spans from Q3 2017 to Q4 2033, with a 15-year term from final close and a 5-year investment period.

APA

Green Climate Fund (2017). Consideration of funding proposals – Addendum I Funding proposal package for FP038. https://www.greenclimate.fund/sites/default/files/document/gcf-b16-07-add01-rev01.pdf

Chicago

Green Climate Fund. Consideration of funding proposals – Addendum I Funding proposal package for FP038. 2017. https://www.greenclimate.fund/sites/default/files/document/gcf-b16-07-add01-rev01.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of funding proposals – Addendum I Funding proposal package for FP038 |date=April 2017 |url=https://www.greenclimate.fund/sites/default/files/document/gcf-b16-07-add01-rev01.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2017consideration, author = {{Green Climate Fund}}, title = {{Consideration of funding proposals – Addendum I Funding proposal package for FP038}}, institution = {Green Climate Fund}, year = {2017}, month = apr, url = {https://www.greenclimate.fund/sites/default/files/document/gcf-b16-07-add01-rev01.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }