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

Solas Sustainable Energy Fund ICAV (SSEF), created to support energy efficiency and 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 achieved its first close of EUR 140 million in February and has recently received a further EUR 80 million in commitments, thus exceeding its target size of EUR 200 million.

SSEF’s cornerstone investors are MEAG, which is the asset manager of Munich Re and ERGO, the European Investment Bank (EIB) and the Ireland Strategic Investment Fund (ISIF). It is also backed by the Private Finance for Energy Efficiency (PF4EE) initiative, a financial instrument funded through the EU LIFE Programme.

The fund finances projects in both the public and private sectors, with a focus on the renovation of existing infrastructure through the use of energy-efficient technologies such as rooftop solar, LED lighting, heat pumps, combined heat and power (CHP) units and building fabric.

SSEF has recently deployed financing to an Irish energy service company, supporting a portfolio of LED lighting retrofit projects, and a German peer involved in a range of energy efficiency renovations. By the end of this year, the fund anticipates signing financing deals in the European Union worth a total of EUR 50 million.

(EUR 1 = USD 1.032)

Choose your newsletter by Renewables Now. Join for free!