The European Investment Bank (EIB) has announced the final close for the Solas Sustainable Energy Fund ICAV (SSEF), an EU-focused fund advised by Solas Capital AG, with investment commitments of EUR220 million (US$227.88 million).

The fund focuses on energy efficiency and behind-the-meter renewable energy initiatives. Following the fund's initial EUR140 million debut in February 2022, investors most recently committed an additional EUR80 million. On behalf of the Munich Re Group and other institutional investors, MEAG, the asset manager of Munich Re and ERGO, has made a sizeable donation to SSEF.

SSEF anticipates concluding funding agreements of €50 million by the end of 2022 to fund energy efficiency initiatives all over the European Union. Pipeline projects are expected to result in annual energy savings of 150 GWh and a 42 000 tonnes CO2e reduction in greenhouse gas emissions. For people, owners of small businesses, and larger corporations throughout Europe, these energy savings translate into actual cost savings.