DIF takes over €320m renewable fund

Ampere Equity Fund, so far managed by the sustainable investment arm of Dutch bank Triodos, is now fully invested.

 Netherlands-based DIF is to become managing director of Ampere Equity Fund, the vehicle’s shareholders announced today.

Effective from 1 January 2014, the move will see the Dutch firm take over from Triodos Investment Management, the captive investment unit of Dutch lender Triodos Bank.

Ampere Equity Fund was launched in 2007 by institutional investors, including APG, PGGM, Delta Lloyd and Rabobank, which then chose Triodos to develop a portfolio of new, large-scale renewable energy projects across Europe. The fund reached its final closing in December 2008 on €320 million.

Its investment and construction phase is now completed, and its latest transactions include the successful refinancing of its investment in the Walney offshore wind farm in the UK at the end of 2012, and the construction of the Carraig Gheal wind farm in Scotland at the end of 2013.

The fund’s portfolio now spans onshore and offshore wind as well as solar projects in the Netherlands, Germany, France, Spain, Italy and the UK.
The transfer is intended to allow the fund to benefit from ‘the synergies and economies of scale from DIF’s existing asset management activities’, Triodos said in a statement. The investment firm wants to confine its investment focus to developing new renewable energy capacity.

The news comes after three busy quarters for DIF, whose assets under management total €1.6 billion. Assets recently acquired by the firm include a 45 percent stake in Ireland’s M50 in August, two UK solar plants in July, additional stakes in 10 Private Finance Initiative (PFI) projects in April, and a French solar portfolio the same month. It also sealed its maiden Canada deal in August when it purchased a stake in a Victoria, British Columbia-based hospital public-private partnership (P3).

The firm is currently investing its Fund III, which reached a final close on its €800 million hard cap last March.

Triodos Investment Management manages 19 funds with various strategies including renewable energy, sustainable real estate, culture, organic farming, and microfinance in developing countries. It oversaw close to €2.4 billion of assets as of end June 2013.