France’s Omnes hits first-and-final €245m close

The firm’s third flagship renewables fund, which targets an IRR of 10%, attracted about 20 LPs.

Omnes Capital has reached a €245 million final close on its Capenergie 3 fund, beating its original target by €45 million.

The vehicle’s LP base comprises both French and international investors, including La Banque Postale, CRPN, Le Fonds de Réserve des Retraites, Ircantec, PRO BTP, SWEN Capital Partners, several Crédit Agricole Group entities and the European Investment Bank, which made its first equity pledge through the EU’s Juncker Plan by committing to the fund, Omnes said.

In total, the vehicle attracted capital from about 20 LPs, a spokeswoman for the Paris-based firm told Infrastructure Investor.

Capenergie 3 will follow a strategy similar to that of its two predecessors, which respectively closed on €109 million and €145 million in 2006 and 2010. It will focus on European renewables projects developed by “key SMEs in the sector”, the firm said, specifying that these would cover wind, solar PV, hydro and district heating.

No interim closes were held on the fund, which was launched in 2015, the spokeswoman said. The vehicle has a 10 percent IRR target.

Capenergie 3 has already made four investments in wind and solar projects, located in Italy and France, totalling an expected 200MW. Further deals in France, Portugal and Germany are at an advanced stage, Omnes said.

The spokeswoman added that the fund is now about 25 percent deployed.