February 24 (Renewables Now) - Swiss investment advisory firm Solas Capital AG has reached the first close for a fund with commitments of EUR 140 million (USD 158.8m) which will provide financing for energy efficiency and small renewable energy projects in Europe.

As much as EUR 30 million of the commitments for the Solas Sustainable Energy Fund ICAV (SSEF) come from the European Investment Bank (EIB), Solas Capital said on Tuesday.

With a target size of EUR 200 million, the fund will finance projects in the public and private sectors that include the renovation of buildings, using established and reliable energy-efficient technologies such as modern heating and cooling systems, combined heat and power units, solar rooftops, building fabric, LED lighting, etc.

SSEF is supported by the Private Finance for Energy Efficiency (PF4EE) scheme, which is a joint initiative of the European Commission and EIB aimed at promoting investments in energy efficiency infrastructure in the small and medium-sized (SME) sector.

Investors in the fund include also the Ireland Strategic Investment Fund (ISIF), IDEAL insurance as well as MEAG, the asset manager of German reinsurer Munich Re (ETR:MV2).

(EUR 1 = USD 1.134)

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