Impax Asset Management announced last week that its renewable energy investment fund, Impax New Energy Investors II (NEF II), has completed several transactions in Europe and is now over 60% invested.
Peter Rossbach, head of Private Equity at Impax commented:
"This autumn we signed new investments in Italy and Germany, as well as our first investments in Finland and Ireland. The Finnish and Irish investments have increased the geographic diversification of the NEF II portfolio across quality northern EU countries, and the Italian and German purchases have created critical mass in these countries."
"In the coming year we are considering further acquisitions in Ireland, Finland and France. We know these markets very well and believe they offer some of the best investment opportunities for the Fund."
Italy: In November, the fund closed the acquisition of two operating solar photovoltaic (PV) projects in Italy, totalling 12.7MW, from a large Spanish PV developer. The purchase brings NEF II's investment in the country to 20MW of operational assets.
Germany: The fund's German wind portfolio was increased by 20.7MW with the November acquisition of an operating project in the Bremen area of Germany, purchased from a non-German seller consortium, comprising Nordex wind turbines. Together with the construction of assets from the fund's development pipeline, this creates an operating portfolio of over 82MW, up from 23MW only 18 months ago.
France: In France the fund now has some 150MW in development and over 135MW in operation or construction.
Finland: Having signed to purchase two wind projects in AAA-rated Finland with an aggregate capacity of 78MW, Impax is now finalising construction terms with a German turbine supplier on the first 27MW, with the second project to sign construction terms and start construction in mid-2014.
Ireland: The fund has also recently signed the acquisition of 51% of an Irish windfarm from Electrawinds NV, a Benelux developer. This 24.2MW project is in the final stages of completion and utilises Enercon turbines.
Impax NEF II closed in August 2011 and has €330 million of capital committed to the renewable energy sector. The European Investment Bank (EIB) and The Finnish State Pension Fund (VER) are investors in the fund.