EIB selects consortium to provide project development assistance for Innovation Fund
The European Investment Bank (EIB) has selected the consortium of PNO Innovation, Bilfinger and Bureau Veritas as its partner for the provision of project development assistance under the Innovation Fund.
The Innovation Fund is one of the world’s largest funding programs for the development of innovative low-carbon technologies. The fund will provide around €40 billion of support over the period 2020 to 2030, with the aim to accelerate Europe’s decarbonisation trajectory while fostering its international competitiveness.
Sectors in-scope for the Innovation Fund include renewable energy, carbon capture, utilisation, and storage (CCUS), innovative low-carbon technologies and processes in energy-intensive industries, energy storage plants, net-zero and low-carbon mobility (maritime, aviation, rail and road transport), and buildings.
Assisting companies
To help companies and start-ups achieve success in their bids, the EIB has developed an offering called project development assistance (PDA). The PDA is designed to help companies develop and refine their technical or financial plans and improve their overall preparedness for landing funding from the Innovation Fund.
Key activities that are part of the PDA support include due diligence assessments on project maturity and technical solutions, support with business case development and financial modelling, and pragmatic guidance with Innovation Fund application.
“Through the project development assistance, the EIB is providing technical and financial help for promising decarbonisation projects, laying the foundations of the innovative and competitive industrial base of tomorrow,” said EU Commissioner Wopke Hoekstra.
For the current three-year period to 2028, the EIB expects to provide project development assistance to up to 250 projects. The budget available for this assistance has been set at around €90 million.
Partners: PNO Innovation, Bilfinger and Bureau Veritas
Of the 250 projects to be supported, a large share will stem from companies in energy intensive industries and cleantech manufacturing. PDA support in these sectors will be provided by PNO Innovation, Bilfinger and Bureau Veritas, which have been selected by the EIB as delivery partners following a competitive tender process.
Together, PNO Innovation, Bilfinger and Bureau Veritas will offer a full range of services in the range of feasibility studies, technology assessments, market analyses, due diligence, and project preparation support.
PNO Innovation is consulting firm that specialises in subsidies and grants. The firm has extensive experience with large-scale European funds, including the Innovation Fund. Bilfinger is an industrial services provider to companies in the process and energy industries. Bureau Veritas meanwhile provides technical expertise in areas such as quality, health and safety, environmental protection, and sustainability.
“Our combined capabilities and proven track record in supporting high-impact, low-carbon projects under the Innovation Fund position us well to meet the technical, financial and quality requirements outlined by the EIB,” stated the three companies in a joint press release.
Comments from leaders
Mark Broekman from PNO Innovation: “PNO Innovation is proud to have brought together a consortium of leading experts in strategy, financing, engineering and regulation. Together, we look forward to supporting the European Investment Bank in delivering on its mandate to provide project development assistance to innovative decarbonisation projects for energy intensive industries and cleantech manufacturers across Europe.”
Peter Coort from Bilfinger: “With our full asset lifecycle expertise and integrated solutions Bilfinger is well-positioned to support Europe’s energy-intensive and cleantech industries in accelerating their energy transition.”
Jean-Baptiste Gillet from Bureau Veritas: “We are proud to be at the heart of the European development dynamic and to support industrial project leaders in financing and implementing their initiatives to decarbonize and improve the environmental footprint of their activities.”
