France-based private investment house Ardian has launched a €1bn-plus open-ended fund dedicated to financing clean energy.
The Ardian Clean Energy Evergreen Fund (ACEEF) is targeting €1bn for its first investment cycle.
The fund is Ardian Infrastructure’s first evergreen fund, offering investors the opportunity to grow exposure to renewables and the energy transition.
It is an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation and therefore meets the highest social and environmental standards in Europe.
More than half of its €1bn target has already been invested in a seed portfolio of 12 wind and solar assets, totaling 1GW of capacity in Europe and the Americas.
The fund will continue to target mature renewable technologies including solar, wind and hydroelectric, as well as emerging technologies such as biogas, biomass, storage, and energy efficiency.
The strategy is focused on operational optimisation to maximise value creation, Ardian said.
The fund targets up to €150m per individual investment, with AXA Group a cornerstone investor.
As an open-ended structure, the fund will provide a permanent solution to Ardian’s clients to support renewable energy as part of Ardian’s wider energy transition strategy.
ACEEF portfolio will also benefit from Opta, Ardian Infrastructure’s in house digital tool, which collects and analyses data from its renewable assets.
The platform uses this data to better understand production patterns, identify areas for improvement and optimise asset performance, as well as monitoring revenues at risk.
Ardian Infrastructure head Mathias Burghardt said: “ACEEF is a new innovative step to provide long term capital to accelerate the energy transition.
“The fund, managed by a highly qualified team with a track record spanning 15 years and a large network of industrial experts, offers to our clients a unique platform to operate in the renewable energy sector with an industrial approach.
“Ardian’s strategy to accelerate the energy transition is more relevant than ever to fight climate change and to contribute to energy independence.”