BNP Paribas Clean Energy Partners has raised EUR437m for its Clean Energy Fund from a range of institutional investors.
This follows the fund’s first close in September 2009 on the back of a cornerstone commitment from BNP Paribas Investment Partners.
The clean energy infrastructure fund aims to achieve a solid risk-return profile by investing in assets with underwritten cash flows and the potential for capital enhancement during its lifespan.
It focuses on the clean energy technologies of onshore wind, small-scale hydro, solar photovoltaic and biomass.
"We are delighted with the backing we have received from investors for our fund," says Joost Bergsma, chief executive of BNP Paribas Clean Energy Partners. "Investors have recognised that the outlook for clean energy in Europe is positive, offering good potential for growth and that our team has access to a deep pipeline of attractive investment opportunities."
Nicolas Ribes, head of alternative sales at BNP Paribas Investment Partners, adds: “Within their alternative asset portfolios, investors are looking to deepen their allocations to clean energy infrastructure. They have assessed the strength of our team and are seeking to benefit from the expected stream of income that our fund’s strategy is geared to offer.”
The fund has attracted a series of institutional investors (including insurers, local authorities and pension funds) from the Netherlands, Belgium, Germany, UK, Sweden, Asia and Japan. The fund has raised total commitment of EUR437m. It is among the largest infrastructure vehicles dedicated to clean energy across Europe.
The fund has already made a number of investments in Italian solar power and French and Irish wind farms and will continue to deploy capital in similar projects. BNP Paribas Clean Energy Partners is also seeking opportunities in biomass.
