The Global Energy Efficiency Renewable Energy Fund (GEEREF) is a fund of funds that invests in clean infrastructure projects in developing markets. The Fund offers private investors access to earlier stage projects in these markets with significant downside protection through the Fund’s unique public/private partnership structure. The Fund was developed in 2008 to catalyze private-sector investment into clean infrastructure and encourage sustainable development in these markets, increasing access to clean and affordable energy. GEEREF is managed by the European Investment Bank (“EIB”), which has considerable private equity and energy experience in emerging markets.

Regions Impacted

India, Philippines, Indonesia, Thailand, Vietnam, Malaysia, Republic of Georgia, Nepal, South Africa, Eastern Africa, Mexico, Brazil, Colombia, Peru and Caribbean

Fund Locations

  • Africa Renewable Energy Fund – Nairobi Kenya
  • Armstrong South East Asia Clean Energy Fund – Malaysia
  • Catalyst MENA Clean Energy Fund – Egypt
  • DI Frontier Market Energy Fund – Mozambique
  • Emerging Energy Latin America Fund II – Brazil
  • Evolution One – South Africa
  • MGM Sustainable Energy Fund – Colombia
  • Renewable Energy Asia Fund – Philippines
  • Solar Arise India Projects Private Limited – India

Commitment DateGEEREF PHESI windfarm

May 2015


15 years, two 1-year extensions

Amount Committed

€650,000 Euros

Capital Called as of June 30, 2022

€623,000 Euros (96%)

Capital Returned

€190,000 Euros


“GEEREF has been on a journey of discovery since 2008, when we started investing in the construction of renewable energy infrastructure in developing countries. We know that we cannot heal all the world’s social and environmental wounds by ourselves. But we have big ambitions nonetheless. GEEREF seeks to prove that market mechanisms can do good work in achieving positive social, environmental, and financial outcomes. We maintain cool professional discipline, but display a warm heart and an open mind toward our projects and the people touched by them. The impact of our previous investments guides our choices for the future, because the investment team is constantly learning about the changing world in which we operate. Underlying that sense of discovery, however, is a firm set of principles. That’s why we need investors with their own bedrock principles, like the Franciscan Sisters of Mary. Our good results owe a lot to the commitment of investors like the Franciscan Sisters of Mary to responsible investment and growth. GEEREF invests some of the Franciscan Sisters of Mary’s assets in the kind of projects that are in accord with the group’s mission, creating better lives in developing countries, just as the returns on the investment will help provide the Franciscan Sisters of Mary with the means to continue to carry out that mission at home.” Cyrille Arnould, GEEREF