Prime Capital’s Prime Green Energy Infrastructure Fund (PGEIF), has reached total commitments of €342m following its third closing.
The fund, launched in June 2020, focuses on wind energy assets in the Nordic countries and aims to secure assets in their late development stage.
Prime Capital “identifies and secures attractive opportunities” at an early stage, optimising all technical and commercial aspects of the projects, including financing and power purchase agreements.
It seeks to build its projects with the most efficient technology on the market and has applied the approach in several large-scale transactions so far.
“Our value-add strategy, coupled with the economies of scale achievable in the Nordics and the region’s excellent wind resources, enables us to achieve superior market returns compared to other renewable energy investments in Europe, as we build at the lowest levelised cost of electricity”, said Mathias Bimberg, head of infrastructure at Prime Capital.
“We are also very happy to have acquired our second investment in the fund, from one of the pioneers of wind development in Europe, CPC Germania.
“The 192MW project is located in Finland and is due to reach commissioning at the beginning of 2023.”
The fund is the first infrastructure equity fund that received a Second Party Opinion from Sustainalytics, a provider of environmental, social and governance (ESG) research, ratings and analysis.
According to Sustainalytics, the fund aligns with its principles for green and responsible investments and “creates significant positive impact” with respect to the EU’s climate change mitigation target.