Crescent Capital, a Turkey-based fund manager focused on energy and infrastructure, has successfully launched and held the first closing of Clean Energy Transition Fund, LP (CETF), a private equity fund targeting investments in renewable energy generation projects and related sectors, predominantly in Turkey and South Eastern Europe.
CETF, which will be managed by Crescent Capital Advisory Ltd, aims to take advantage of significant investment opportunities in Turkey and neighbouring regions in the field of wind, hydro, biomass, geothermal, and solar power projects.
CETF’s first closing at EUR65 million has been supported by EBRD, EIB, iVCi, FMO, and DEG, which have received total board approvals of up to EUR100 million of commitments to CETF at full fund size. Crescent Capital will continue to market the fund to new investors with the aim of reaching the target amount of EUR200 million by the end of 2012.
The Fund will act as a “catalyst” for renewable energy projects in the region, providing much needed project equity to local and international developers, while helping structure and arrange debt financing for its investees. The Fund will also provide financing for clean energy equipment and service suppliers active in its target region.
Aygen Yayıkoğlu (pictured), the founder and managing partner of Crescent Capital says: "We are delighted to launch Turkey’s first private equity fund with a focus on the energy sector. We believe that power generation assets with 20+ year stable cashflows will become increasingly attractive for long-term investors in the coming years given the increased volatility in financial markets. CETF and its investors will benefit as first movers in helping build such assets, while contributing to a cleaner environment”.
