Prime Capital raises EUR 586m for onshore wind in Scandinavia

Image by Prime Capital AG.

January 25 (Renewables Now) - German independent asset manager Prime Capital AG has reached the final close of its sustainable infrastructure fund focused on onshore wind projects in Scandinavia with total commitments of EUR 586 million (USD 662.4m).

The Prime Green Energy Infrastructure Fund (PGEIF), which was launched in June 2020, substantially exceeded its target volume of EUR 500 million, Prime Capital said on Tuesday.

The Frankfurt-based asset manager has already secured several investment projects for the fund in Sweden, Finland and Norway and launched the construction of the first three large-scale projects of a combined 816 MW. One project has been already connected to the grid. Further three to five projects will be added to raise the electricity production of the fund's portfolio to 3 TWh annually, said Prime Capital's CIO Werner Goricki.

The plants in the portfolio will supply more than 800,000 households with green electricity and offset 1.6 million tonnes of carbon emissions. The fund plans also to get involved in the production of green hydrogen and other carbon-neutral energy sources, Goricki added.

According to ESG research, ratings and analysis provider Sustainalytics, the fund complies with the principles for sustainable and responsible investment. It also meets the requirements of the EU's Sustainable Finance Disclosure Regulation (SFDR), Prime Capital said.

(EUR 1 = USD 1.130)

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