The Solas Sustainable Energy Fund ICAV, a new EU-focused fund targeting energy efficiency investments, has reached its first close at EUR140 million.
Strategic Investments European Fund for The European Investment Bank (EIB) committed a EUR30 million cornerstone investment to SSEF, backed by the (EFSI), the main pillar of the Investment Plan for Europe. As one of the largest providers of climate finance, the EIB supports projects that promote the priorities and objectives of the European Union.
SSEF also signed an agreement with the Private Finance for Energy Efficiency (PF4EE) support scheme, a joint initiative launched by the European Commission via the LIFE programme and the EIB. One of the goals of PF4EE is to encourage private institutional investors such as insurers and pension funds to invest in European energy efficiency infrastructure, particularly in the small and medium-sized (SME) sector. Further cornerstone investors of SSEF are the Ireland Strategic Investment Fund (ISIF), IDEAL insurance as well as MEAG, the asset manager of the Munich Re Group.
The fund will be advised by Solas Capital AG, a specialist investment advisor in the energy efficiency sector. Solas Capital partners with a wide variety of leading energy service companies, project developers, equipment manufacturers, and public sector bodies across the European Union to help facilitate their access to tailor-made financing and enable new investment in energy efficiency.
