Impax Group, the AIM-quoted environmental investment house, has announced a 37 million euro second closing of its private equity fund, Impax New Energy Investors LP. The firm says new fund aims to exploit the significant investment opportunities in Europe arising from the legally binding European targets for renewable energy supply.
This second closing increases total commitments to the New Energy Fund to Euros 97 million
Impax was assisted by Dresdner Kleinwort Wasserstein, as lead placement agent. DrKW will continue to market the fund to new investors with the aim of reaching the target fund size of at least Euros 125 million. A third and final closing for the fund is planned for summer 2006.
“The investment climate for renewable energy has never been more favourable and large institutional investors are increasingly seeking exposure to it,” says Ian Simm, Impax Chief Executive. “This expansion of our fund targeting renewable energy projects is a welcome endorsement of Impax and its investment team.”
The New Energy Fund is supported by Dexia Crdit Local, the sponsoring investor and a leading provider of finance to the energy and infrastructure sectors in Western Europe.
Other investors in the fund include British Airways Pension Fund, Co-operative Insurance Society, Universities Superannuation Scheme and South Yorkshire Pensions Authority.
The fund’s investment team is led by Peter Rossbach, Director of Investments. “Our work with Dexia and with contacts on the Continent has produced a robust deal flow for the fund, particularly in the wind, solar and biomass sectors, and we have already pre-selected a significant number of projects for investment,” he says.
The second closing of the New Energy Fund takes Impax’s total funds under management and advisory to over 350 million.