German independent asset manager Prime Capital AG has achieved a EUR-202-million (USD 227m) first close for a new infrastructure fund that focuses on zero-subsidy wind parks in the Nordics.
The Prime Green Energy Infrastructure Fund targets a total of EUR 500 million in subsequent closings.
The strategy of the fund, which has a cooperation understanding with Siemens Gamesa Renewable Energies SA (BME:SGRE), is to secure attractive opportunities at an early stage and optimise all technical and commercial aspects of the projects. Prime Capital said that this approach was successfully applied in recent transactions such as those involving the 290-MW Project Nordlicht in Norway and the 254-MW Project Stavro in Sweden.
“In the current economic environment driven by the Covid-19 pandemic, we can capitalise on the declining availability of long-term financing, and an increasing reluctance on the investor side driven by historically low power prices, due to our flexible value-add strategy,” said Mathias Bimberg, Head of Infrastructure at Prime Capital.
The first of two already secured seed investments is planned to take place shortly after the first close. It will take Prime Capital’s track record in infrastructure to above 1.2 GW of realised capacity, it said.
Among the investors that seeded the fund are the financing arm of Siemens AG (ETR:SIE) and Nordrheinische Arzteversorgung.
(EUR 1.0 = USD 1.124)
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