Impax targets €500m for Fund III

London-listed Impax Asset Management (Impax) is targeting €500 million for its third renewable energy fund, according to a note on the European Investment Bank 's (EIB) website.
 
The Luxembourg-headquartered institution, which approved a €50 million commitment to the vehicle late last month, says New Energy Investors III will invest mainly in the construction of onshore wind, solar and hydro power projects, primarily “in selected European countries”.
 
Impax declined to comment on fundraising.
 
A source close to the firm said New Energy Investors II, which closed in August 2011 on €330 million, is now 80 percent invested. Having started distributing dividends, the vehicle is currently seeking to sell assets.
 
Limited partners in New Energy Investors II include the EIB, the State Pension Fund of Finland, Derbyshire County Council Pension Fund, East Riding of Yorkshire County Council Pension Fund, Greater Manchester Pension Fund, London Pensions Fund Authority, South Yorkshire Pensions Authority, British Airways' Pension Scheme, Universities Superannuation Scheme, Merseyside Pension Fund, Clwyd Pension Fund, Royal London Group, ASN Bank and British Airways' New Airways Pension Scheme, according to Infrastructure Investor Research & Analytics.
 
Founded in 1998, the firm employs 28 investment professionals located in London, Hong Kong, New York and Portland, Oregon. It manages about £3 billion (€4.3 billion; $4.7 billion) for investors globally across listed and private markets strategies.
 
On Monday, Impax announced having agreed to sell a 13.8-megawatt wind farm in Picardie, France, to Swiss utility BKW. It had purchased the project rights in 2012 from a Spanish seller, amended the building permit to enable the use of larger turbines and completed construction in December 2014.
 
Impax had previously sold nearby wind farms to Axpo, another Swiss utility, in 2013.