Solas-advised energy efficiency fund closes over EUR-200m target

• Solas Sustainable Energy Fund ICAV (SSEF), developed to support energy efficiency and also behind-the-meter renewable energy investments, has reached a final close of EUR 220 million (USD 227m).

This EU-focused fund advised by Solas Capital AG accomplished its very first close of EUR 140 million in February and also has lately received a more EUR 80 million in commitments, thus surpassing its target size of EUR 200 million.

SSEF's keystone capitalists are MEAG, which is the possession supervisor of Munich Re and ERGO, the European Investment Bank (EIB) and also the Ireland Strategic Investment Fund (ISIF). It is likewise backed by the Private Finance for Energy Efficiency (PF4EE) initiative, a financial tool funded through the EU LIFE Programme.

The fund finances projects in both the general public as well as private sectors, with a concentrate on the restoration of existing facilities with the use of energy-efficient modern technologies such as roof solar, LED illumination, heatpump, combined warm and power (CHP) devices as well as developing fabric.

SSEF has actually lately deployed funding to an Irish energy service firm, supporting a portfolio of LED lights retrofit projects, and a German peer associated with a variety of energy efficiency restorations. By the end of this year, the fund anticipates authorizing financing sell the European Union worth an overall of EUR 50 million.