Cash boost for brownfield remediation
By Steve Ducker17 December 2021
The European Investment Fund (EIF) and Edmond de Rothschild Private Equity have extended their sustainable urban regeneration partnership by committing €365 million (US$413 million) to brownfield remediation across the continent.
Along with investment firm Gingko Advisor – a 20 strong team specialising in decontamination, real estate and private equity – institutional and private investors made the financial outlay in eight months, with five brownfield remediation and redevelopment projects approved in France, Italy, the Netherlands and Portugal.
This follows previous investments in 2010 and 2016.
Alain Godard, chief executive at the EIF, which now manages the European Investment Bank’s Infrastructure and Climate Funds, said: “Scaling up finance for green urban development is essential to meet Europe`s ambitious climate targets.
“We are delighted to announce the first investment under our new Infrastructure and Climate Funds business line into Ginkgo 3. We are committed to work closely with our partners to support the objectives of the European Green Deal.”
Pascal Roudier, Bruno Farber and Guillaume Ribet, partners at Ginkgo Advisor, added: “We have the benefit of 12 years of experience in the field of brownfield remediation and redevelopment in Europe and we have built a specialised team to support our growing ambitions.
“We are particularly honored by the trust of the EIB Group for this third vintage. The EIF has helped us to go the extra mile in terms of setting up our impact investing framework.”