Asset manager Mirova has raised €250m for renewables and energy storage projects through its Eurofideme 4 fund.
The company held first close on the fund at the end of October, with investments secured from European investors.
The final size of the fund is expected to reach between €500m and €700m, which reflects growing interest from institutional investors across the asset class due to improved competitiveness of renewable energy infrastructure, Mirova said.
Mirova’s prior energy transition fund, Mirova Eurofideme 3, closed at €353m in July 2016.
It is now fully invested in a diversified portfolio of European infrastructure assets in line with its initial deployment timeline.
Mirova head of energy transition funds Raphael Lance said: “At Mirova, we believe that reaching a first close with a large majority of our long-term investors demonstrates that financing tomorrow’s infrastructure is now a top priority for institutional investors.
“The financing needs to support the development of energy transition infrastructure – be they renewable energy production facilities, energy grid or electrical mobility related – are massive should we ever want to reach the ambitious European greenhouse gas emission reduction targets.
“Thanks to the renewed trust we’ve granted and we’re really proud of, we intend to keep building long-term relationships with industrial partners and therefore contribute to their growth plan.”