Eiffel, EU launch equity bridge fund aimed at backing 7 GW of renewables
- Paris-based asset supervisor Eiffel Investment Group and also the European Investment Fund (EIF) are releasing a fund that will offer equity bridge financing for renewable resource assets in Europe, it was introduced on Thursday.
The fund, called Eiffel Transition Infrastructure, is targeting a size of up to EUR 500 million (USD 498m) and anticipates to facilitate the installation of approximately 7 GW of eco-friendly electrical energy capacity. It will certainly help renewable energy developers as well as independent power producers increase their development pipes, delivering even more tidy energy in the EU according to its RePowerEU plan.
The EIF is committing EUR 75 million to the new fund, with European institutional capitalists AG2R LA MONDIALE, Abeille Assurances, Allianz as well as l'Auxiliaire also participating in the initial close. The effort is backed by the InvestEU programme.
The new vehicle plans to close 2 inaugural investments in the coming weeks with developers Green Genius and also Pacifico Energy Partners. Eiffel Transition Infrastructure will establish joint ventures with each to develop initial portfolios of a few numerous megawatts of solar projects.