EPICo is a unique Belgian-Dutch collaboration based on a long standing relationship between ParticipatieMaatschappij Vlaanderen (PMV) and Rebel:


PMV is an independent investment company that shapes the economic policy of Flanders. It provides equity, mezzanine financing and guarantees. The Belgian infrastructure market is one of its focus areas. PMV invests in the renewable energy sector including project development companies, direct infrastructure and clean technology.

PMV has been involved in the Belgian PPP landscape since 2005 with transactions such as Via Zaventem and Diabolo. PMV has a total staff of over 120 FTE of which 15 investment professionals are active in the infrastructure and real estate sector.


Rebel helps public and private actors bridge the gap between investment needs, implementation capacity and financial resources. Rebel wants to give an answer to complex financing challenges and to create added value in projects on the interface between the public and private sector.

Rebels have pioneered the early PPP markets in the Netherlands and Belgium, and in several other geographies. Rebel has the biggest project finance team in the Benelux and more than 50 experienced project finance experts and/or modelers. Rebels have worked on more than 300 PPP projects worldwide over the past 15 years and are actively involved in most PPP projects in the Benelux.

Board of directors

  • JVAST-Consulting BVBA, permanently represented by Jhony Van Steen
  • Frank Vandermarliere;
  • Crelan NV, permanently represented by Emmanuel Ernotte;
  • Lugost BVBA, permanently represented by Luc Philips
Luc van Rooijen

"By teaming up we are able to accelerate project development. The fund represents a brand new and valuable co-operation between Belgium and the Netherlands."

Luc van Rooijen, PMV

"With the projects we choose, we want to achieve social impact. In other words, the projects must have added value for the European economy and society."

Jeroen in 't Veld, Rebel