Paris-based private investment house Ardian today announced the launch of the Ardian Clean Energy Evergreen Fund (ACEEF), which targets EUR 1 billion (USD 1.09bn) of investments in renewable energies in its first cycle.
The new long-term investment platform is entirely dedicated to financing clean energy and counts French insurance group AXA SA (EPA:CS) as a cornerstone investor.
ACEEF has already invested more than half of its target in a seed portfolio of 12 wind and solar assets in Europe and the Americas with a combined capacity of 1 GW, according to the announcement.
In addition to these renewable energy sources, the fund will also support hydro, biogas, biomass, storage and energy efficiency assets. It will spend up to EUR 150 million per individual investment.
Ardian noted that in the coming months it will look to appoint a managing director for the fund with experience gathered in the renewable energy industry.
(EUR 1.0 = USD 1.093)
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