Eiffel Investment Group closes Energy Transition Fund at US$400 million
Last month, Eiffel Investment Group announced the final closing of the Eiffel Energy Transition Fund. At EUR350 million (US$397.9 million), the closing has well exceeded the fund's initial target size of EUR200 million (US$227.4 million).
Launched in April 2017, the objective of the fund is to accelerate the energy transition by prefinancing a large number of projects. In intervening in the form of short-term "bridge" debt, ahead of long-term financing, Eiffel Energy Transition brings an innovative solution that enables and accelerates the development of crucial energy transition projects.
The fund has already deployed more than EUR230 million (US$261.5 million) which made it possible to finance more than 500 projects, equivalent to nearly 300 MW of energy production capacity and the electricity supply of nearly 350,000 homes. Three-quarters has been deployed in France and the rest in Europe, supporting all forms of green energy (solar, wind, biomass, hydropower, cogeneration ...) and energy efficiency (storage, lighting upgrades ...).
For this closing, Eiffel Investment Group has received the support of its existing investors, such as MAIF and ProBTP, and also new institutional investors, including Assurances du Credit Mutuel and Aviva France.
The company aims to invest around EUR1.5 billion (US$1.7 billion) over the fund's 10-year lifetime, thanks to the recycling / reinvestment capacity of the fund.
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