MEEF aims to operate a streamlined application process with a quick turnaround on investment decisions; and the provision of standardised, short-form template loan documentation.
Potential project sponsors should contact the MEEF team for an informal discussion on progressing an application. An overview of the process is set out below, please fill out the MEEF Application Form and submit to the MEEF team.
The application process includes the completion of the Project Outline document which is available here. This sets out key information about the financial structure of the project, the Energy Conservation Measures (ECMs) to be used, and the forecast carbon and energy savings.
The MEEF team will assist potential applicants with this process; including reviewing drafts and discussing structures and the Fund’s approach to measuring outputs. Feedback will be provided on all applications, which may include requests for further information. Indicative term sheets can be issued after reviewing the supplied information.
Prior to investment, technical, financial and legal due diligence will be undertaken to provide assurance on the project and its ability to deliver savings and repay the Fund’s investment.
A draft funding agreement will be provided, setting out the terms of the investment, including pricing, drawdown and repayment profiles, and reporting arrangements.
Once due diligence has been completed, and the funding documentation agreed, the MEEF team can recommend an application for final approval from the Investment Committee.
Standard reporting on the project’s progress is expected during construction and operational periods.
For MEEF, part of this reporting is on the implementation and results of the agreed ‘Measurement and Verification Plan’, where evidence of the energy and carbon savings made should be provided. The MEEF team and its appointed technical advisor may need to visit the installations and review energy savings, but this will be agreed at a convenient time with the project sponsor.
To discuss a potential project or applying for a MEEF loan please contact the team.