Infragreen IV hits €384m at first close

The French manager is targeting €500m for Infragreen IV, which has already lined up deals across Europe.

Paris-based manager RGREEN INVEST has reached a €384 million first close on its fourth renewable energy fund, the largest amount it has ever raised in a single fund.

RGREEN INVEST has only €116 million remaining to reach its €500 million target for Infragreen IV, which has a hard-cap of €650 million. It is targeting returns of about 8 percent.

Infragreen IV targets renewable energy assets in the European Economic Area, investing both junior debt and equity. It said in a statement that it has already invested €60 million of the fund’s proceeds, but did not provide further details.

It also did not disclose the types or names of investors committing to the fund. According to the European Investment Bank’s website, the bank had proposed a €75 million investment in the fund, but it is unclear whether this has been approved yet. The EIB invested €50 million in Infragreen III, which closed 12 months ago on €307 million, €57 million above target.

Fund III was the first in the series to target equity investments, with Nicolas Rochon telling Infrastructure Investor earlier this year this was due to the company being more comfortable with equity following the phasing out of subsidies.