Energy Infrastructure Partners has announced the first close for its EIP energy transition infrastructure fund with EUR1 billion (US$1 billion ) commitments in collaboration with Credit Suisse Investment Foundation.
During the first closing, the fund focused on Swiss pension funds, which invested more than EUR700 million (US$745 million) through the Credit Suisse Investment Foundation's "CSA Energy-Transition Infrastructure" investment group. The fund closed a deal with renewable energy platform Boralex by purchasing a 30% stake and Repsol's global renewables division by purchasing 25% with Crédit Agricole Assurances, an investment in Fluxys pending completion.
The EIP investment strategy focuses on three types of system-critical energy infrastructure: assets that produce carbon-free energy; assets that transport energy, such as electrical grids and transmission networks and assets that store energy, such as batteries and pumped storage power plants. EIP targets EUR4 billion (US$4.25 billion) for the final closure of the fund.