portfolio managerChris Wain-Lowe, BA, MBA
Chief Investment Officer, Executive Vice-President and Portfolio Manager
How the partnership is managed
The investment objectives of Portland Global Energy Efficiency and Renewable Energy Fund LP (the “Partnership”) are to provide income and above average long-term returns by investing primarily in the B units of Global Energy Efficiency and Renewable Energy Fund (“GEEREF”), advised by the European Investment Fund (“EIF”) and sub-advised by the European Investment Bank (“EIB”).
To achieve the investment objectives:
- The Partnership intends primarily to invest in the B units of GEEREF, a private equity and infrastructure fund of funds, investing in Regional Funds, providing equity or quasi equity primarily for energy efficiency and renewable energy projects in developing countries and economies in transition. The B units feature a preferred return mechanism and faster return of capital over the A shares currently held by public sponsors: Germany, Norway, and the EIF (on behalf of the European Commission representing the European Union).
- The Partnership may invest in a portfolio of income producing private and public debt and equity securities, either directly or indirectly through other funds.
- The Partnership may invest in Underlying Funds which may or may not be managed by the Manager or one of its affiliates or associates.
GEEREF's investments aim to bring equal benefits for a triple bottom line:
- People: GEEREF seeks to provide access to sustainable energy and increase energy efficiency in developing countries and economies in transition;
- Planet: GEEREF seeks to fight climate change and contribute to a sustainable environment; and
- Profit: GEEREF seeks to achieve robust financial returns.
GEEREF invests exclusively in funds targeting projects in emerging markets that qualify as recipients for Official Development Assistance. There are currently 146 countries recognised as such by the Organisation for Economic Co-operation and Development and GEEREF's funds can target all of these other than candidates for accession to the European Union. Priority is given to investment in countries with appropriate policies and regulatory frameworks on energy efficiency and renewable energy.
GEEREF invests in specialist funds developing small to medium-sized projects in the following sectors:
- Renewable Energy – including small hydro, solar, wind, biomass and geothermal; and
- Energy Efficiency – including waste heat recovery, energy management in buildings, co-generation of heat and power, energy storage and smart grids.