Our clients

We have over 1,000 clients in 60 countries, primarily in the EU.

Our clients’ industries include generation of heat and power, oil refining and manufacture of bricks, cement, lime, chemicals, fertilisers, foods, paper, iron and steel, aviation, renewable power generation and fuel blending.

Case studies

These are some examples of more interesting trades which we have done recently. They give an idea of the range of transactions we are able to execute and show some of the ways we solve clients’ problems.

Collateral recovery - €3 million

A client had EUAs tied up as collateral under a loan agreement with a financial institution. The collateral was significantly undervalued by the financial institution. Therefore the client wished to release the collateral to be able to realise its full value. VEF provided the client with funds sufficient to pay off the loan and thereby release the collateral. The client then sold the collateral via VEF, releasing €3 million of cash.


Repo for capital equipment financing - €11 million

A client needed bridge financing to purchase capital equipment. VEF executed the sale and repurchase of over 700,000 EUAs to provide two years of funding before the equipment was refinanced.

EUA loan to finance purchase of fuel for winter season - €2 million

A client operating a municipal district heating plant needed to purchase fuel before the winter heating season. However, it did not have funds available. VEF arranged for the lending of EUAs to the client which they then sold to raise the necessary funds. The loan was duly repaid when the client received fresh allowances on allocation.

EUA online auctions

We executed three online auctions of EUAs for the Hungarian and Lithuanian governments in 2006 and 2007, selling 1.7 million EUAs in all. These were the first ever online auctions of EUAs by governments. Since then we have developed a more modern and robust auction platform which corporations and governments can use for both buying and selling.

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the bustard blog