Scaling adoption of energy efficiency technologies
Project FEET: Pilot fund for energy efficiency technologies
In progress
Project overview
Timeline
Start 4Q 2024
GCMD team members
Shane BALANI
Lead
Wan Ni GOH
Partners
AIM Horizon Investments
DBS Bank
Development Bank of Japan
ING Bank N.V., Singapore Branch
Stephenson Harwood
Watson Farley & Williams
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Objective
Develop and launch a first-of-a-kind pay-as-you-save fund for energy efficiency technologies (EETs)
Project scope
• Catalyse private capital from a pool of investors having different risk appetites
• Invest in a diverse set of EET retrofit projects
• Demonstrate viability of pay-as-you-save by pegging part of returns to quantified and verified fuel savings
• Showcase scalability of such a fund
Highlights
• Fund for Energy Efficiency Technologies (FEET) provides up to 100% upfront financing for retrofits and introduces a pay-as-you-save repayment mechanism linked directly to verified fuel and regulatory savings
• By offering unsecured leases on retrofits, FEET decouples retrofit financing from vessel mortgages
• Through a blended financing structure and a diversified project portfolio, FEET balances financial risk while keeping financing costs competitive
Press release: World’s first vessel retrofit fund using a pay-as-you-save repayment mechanism closes at USD 35M
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