$282m richer, CapDyn US solar fund closed

Swiss asset manager Capital Dynamics held a final close for its US solar energy fund on $282m. The vehicle has built a geographically diverse portfolio and gained investor interest from Asia and Europe.

Capital Dynamics has closed a fund mandated to invest in US solar energy, announcing the vehicle hauled in $282 million in institutional capital culled from Asia and Europe as well as America.

The vehicle is committed to “commercial-scale solar photovoltaic (PV)” energy, and has accrued a 50-project portfolio Stateside spread among California, Massachusetts, New Jersey, Pennsylvania and the New England region, according to the Zug, Switzerland-headquartered asset manager.

In March, Capital Dynamics admitted to spending $300 million all told on “utility-scale solar power generation” in California and New Jersey, and in February the company bought a 5.7-megawatt (MW) plant in Salisbury, Massachusetts. A year earlier, the fund bought Tangent Energy Solutions, a project in Pennsylvania.

The advent of the US-focused fund followed a 2010 decision to add a clean energy and infrastructure, or CEI, team to its business. The move into single strategy investing, as well as the US market, marked a departure for Capital Dynamics, a private capital investor known in Europe for its line of funds-of-funds.

The CEI team is headed by David Scaysbrook. He and his team joined Capital Dynamics from energy concern Novera. Scaysbrook cited a growing demand for “direct investment” in clean and renewable energy as a factor in attracting capital to the fund.

The company said the US market is able to appeal to a “diverse spectrum”.