This document aims to facilitate access to loans and equity finance for small-medium enterprises where market gaps have been identified. It provides risk capital for innovative SMEs in their early stage and risk capital for SMEs with high growth potential in their expansion phase. The European Investment Fund can invest between 10-25% of the total equity of venture capital funds for innovative SMEs, and 7.5-15% for SMEs in their expansion phase, or up to 50% in specific cases.

1. Competitiveness and Innovation Framework Programme (CIP):
this programme aims to facilitate access to loans and equity
finance for small-medium enterprises where market gaps have
been identified.
It provides:
• Risk capital for innovative SMEs in their early stage:
EIF can invest 10 to 25% of the total equity of the intermediary
venture capital funds, or up to 50% in specific cases;
• Risk capital for SMEs with high growth potential in their
espansion phase: EIF can invest 7.5 to 15% of the total equity
of the intermediary venture capital funds, or exceptionally up to
50%.
Programming Period 2007-
2013

2. New Sectors of Investment
Denmark 22.71%
Germany 38.68%
United Kingdom 5.79%
France 5.83%
Spain 12.35%
Austria 14.64%
Solar 33.22%
Bio-energy 5.79%
Idro-power 14.64%
Wind Energy 46.35%
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3. Renewvables energies:
an opportunity to catch for
venture capital
 Venture capitals put their eyes on renewvables
energies;
 They sat special teams or branches to focus better
on this special kind of investment;
 U.S and Europe kept investing a lot over the years
on this new market in order to find new sources of
energies.
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4. Renewvables energies:an
opportunity to catch for the
venture capital
Three reasons of attractiveness :
1. Governments keep increasing deregulation of the
market energy;
2. Enviromentalists put the attenction on the need of
the world of new sources of energies;
3. Increasing costs of the oils.
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5. The goals
• Venture capital energy companies invest on projects
long the value chain,focusing on two directions:
1.Increasing efficiency of the energetic system;
1.Decreasing the use of fossil fuel put down the values
of the pollutions.
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6. In recent years
 2006:venture capital invested $7.4 billion on
renewvables energies winth an increasing of 146%
respect the last year;
 2008:in the last mounths of the year a drop in the
market occured
 2009/2010:investments increase again supported by
the developing countries (China)and U.S.
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7. Sectors of investment
 Solar and geothermal energies represent two fixed
points for investments;
 By the way, in recent years wind energy became the
top ranking, achieving the status of most actractive
technology among renewvables energies.
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8. What happens in Europe?
 Europe is one of main area where the VC
investments on renewvables energies sat;
 Europe represents the 30% of total investments in
the world, concerning this sector;
Large stage Early stage Borning stage
65% 20% 15%
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9. Conclusions
 From the previous table we noticed that venture
capitals prefer to acquire energy companies that
already own high skills;
 This tendency is becaming quite the opposite in this
last years because of the improving of new
technologies that allow to manage better the risk of
borning firms.
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