German clean power asset manager CEE Group has raised €350m for its Renewable Fund 7, meaning 70% of the €500m target volume has been met.
The fund, which is designed as a Luxembourg special AIF (SICAV-RAIF), has a term of 20 years plus an extension option of two times five years.
The fund is aimed at semi-professional and professional investors as defined by the German Capital Investment Code.
A period of one to two years, but no more than three years from the final equity closing, is envisaged for the investment phase.
CEE Group invested around €200m of equity in the wind and solar power sectors in 2021.
The portfolio of renewable energy assets currently comprises 42 onshore wind farms and 38 solar farms in six European countries totalling 1.4GW.
The projects supply electricity to more than 1 million people in Denmark, Germany, France, Netherlands, Sweden and Spain.
CEE Group chief executive Detlef Schreiber said: “The successful placement process at CEE RF7 once again confirms the special trust of our institutional investors in CEE Group’s expertise and our sustainable investment concepts and strategies in the renewable energy asset class.
“We now aim to reach, if not exceed, the target volume of €500m by the end of the current year.
“The general economic and environmental policy conditions speak in favor of our being able to achieve this goal.
“For example, in his opening statement at the beginning of January, Economics and Climate Protection Minister Robert Habeck reaffirmed the new federal government’s course with regard to the expansion of renewable energies in Germany. By 2030, their share is to rise to 80%.
“Similar targets are being pursued by governments in our other European target markets.”