German investor Encavis Asset Management has raised €480m to spend on renewables assets.
The company, a subsidiary of SDAX-listed wind and solar park operator Encavis, secured backing from more than 50 credit institutions.
The fund, dubbed EIF II and to be distributed by Bayern LB, is now closed.
Encavis expects the cash pile will allow it to make investments in wind and solar projects totalling well over €1bn.
So far, investments have been made in Euro markets of Germany, the Netherlands, Finland and France. The fund’s currently installed total nominal power of more than 350MW.
Karsten Mieth, CEO of Encavis Asset Management AG, said: “This extraordinary distribution success results from our strong partnership with BayernLB. For investors, many things simply fit together well: Very good market forecasts, stable and solidly calculated returns, our excellent market access and pipelines as well as an investment opportunity that takes into account regulatory and banking requirements in the best possible way.”