International Energy Agency’s Energy Efficiency 2018 Report cites eQuad platform as market enabler, reducing project risk and expediting deal closure
Joule Assets Europe’s eQuad platform highlighted as innovative way to speed deal closure by linking investors and insurers to energy efficiency projects
BRUSSELS, Belgium, 23 October 2018 – The International Energy Agency (IEA) published its seminal “Energy Efficiency 2018” report on Friday, October 19, featuring Joule Assets Europe’s eQuad platform as a new and innovative way for accelerating the rollout of energy efficiency projects of all sizes across Europe. Developed through the SEAF H2020 project – a European Commission-backed effort which ran from February 2016 to May 2018 – the eQuad platform facilitates investments in European energy efficiency and renewables projects.
While the report highlights that major energy savings have been made globally in both buildings and industry, the growth rates of these sectors indicate that upscaling energy efficiency will remain of crucial importance; the analysis estimates that the size of the global economy could double between now and 2040 with only a marginal increase in energy demand, under the condition that investment in energy efficiency immediately doubles, and again after 2025. Within this line of reasoning, the report cites market-based instruments to encourage investment and business model innovation as essential to building scale and momentum.
“We are honoured to have eQuad featured in the IEA’s 2018 report, and we indeed stand behind its 2040 vision and recommendations,” says Jessica Stromback, Chair and SVP, Joule Assets Europe.
“From our perspective, energy efficiency has a vital role to play in the global energy transition and goes hand in hand with renewable generation. The projects we have dealt with through eQuad indicate enormous energy saving potential in Europe across markets and sectors. Energy efficiency in industry, for example, can represent major cash savings and high returns. Many buildings, particularly in Eastern Europe, are very energy intensive but have received virtually no upgrades for decades. There is no lack of potential projects in Europe – the challenge is to ensure that energy efficiency remains a priority for all energy users and that projects actually receive finance - the sooner the better.”
About Joule Assets Europe
Currently valued at €8 billion, the European energy efficiency market has lagged due to high due diligence costs blocking access to capital and complicating project finance. To address this market failure, Joule Assets Europe (“Joule”) provides financing solutions and strategic support for Energy Reduction Assets, including energy efficiency, distributed renewables, storage, and building control measures. Joule’s online platform, eQuad, provides access to third-party project valuation, performance insurance, project certification, due diligence, and introductions to prequalified capital sources in the form of off-balance sheet financing.