Omnes plans €500m Capenergie 4 launch in Q3 2019 – exclusive

The move would more than double the size of its predecessor fund and follows the €628m listing of portfolio company Neoen this week.

French fund manager Omnes Capital is planning to launch its fourth renewable energy fund later next year, Infrastructure Investor understands.

The firm is looking to raise about €500 million for Capenergie 4 when it launches in Q3 2019, more than double the €245 million raised for Capenergie 3, which closed last June and is targeting a 10 percent IRR.

Capenergie 4 is set to pursue a similar strategy, which has seen Omnes team up with developers for wind, solar and hydro deals. While the three previous funds have largely only invested in Europe, the upcoming vehicle will allow a minority to be invested in both OECD and non-OECD countries, depending on the appetite of the developers.

Capenergie 3 is currently about 65 percent invested, with projects or platforms in Italy, France, Portugal and Finland. A pumped hydro storage deal is set to be closed by the end of the year. The vehicle attracted investment from about 20 LPs, including the European Investment Bank.

Omnes’s €145 million Capenergie 2 vehicle is also to be largely fully realised by the end of the year. Neoen, an international renewables developer partially owned by Capenergie 2 and 3, this week raised €628 million through an IPO in Paris, the largest offering in the French capital in 16 months. Capenergie 2 realised its investment through the IPO while Capenergie 3 subscribed to a minority position.

Omnes launched its first Capenergie fund in 2006, raising €109 million. It now has about €1.2 billion of renewable energy assets under management.