Eiffel, EU launch equity bridge fund aimed at backing 7 GW of renewables

Paris-based asset manager Eiffel Investment Group and the European Investment Fund (EIF) are launching a fund that will provide equity bridge financing for renewable energy assets in Europe, it was announced on Thursday.

The fund, called Eiffel Transition Infrastructure, is targeting a size of up to EUR 500 million (USD 498m) and expects to facilitate the installation of up to 7 GW of renewable electricity capacity. It will help renewable energy developers and independent power producers accelerate their development pipelines, delivering more clean energy in the EU in line with its RePowerEU plan.

The EIF is committing EUR 75 million to the new fund, with European institutional investors AG2R LA MONDIALE, Abeille Assurances, Allianz and l'Auxiliaire also participating in the first close. The initiative is backed by the InvestEU programme.

The new vehicle plans to close two inaugural investments in the coming weeks with developers Green Genius and Pacifico Energy Partners. Eiffel Transition Infrastructure will set up joint ventures with each to develop initial portfolios of a few hundreds of megawatts of solar projects.

(EUR 1 = USD 0.995)

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