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SUSI fund reaches €66m first close

The energy storage fund, which launched in October, is almost a third of the way towards reaching its €250m target.

Zurich-based SUSI Partners reached a €66 million first close on its Energy Storage Fund last week, the firm announced.

The SUSI Energy Storage Fund, which launched in October 2016 and focuses exclusively on energy storage investments, has also raised €14 million towards its second close, putting it nearly a third of the way towards reaching its €250 million target. SUSI chief executive Tobias Reichmuth called the closing “a clear sign that institutional investors are increasingly recognising energy storage’s pivotal role in enabling the energy transition”.

The fund will look for investments in OECD assets – providing load levelling, ancillary services and decentralised energy supply – alongside existing grid infrastructure. SESF, which will be open to investors through the end of 2017, has invested in projects including two energy storage assets in Ontario, Canada.

“Due to three years of intense preparation and a solid project pipeline we are ideally positioned for the efficient allocation of the provided funds,” said Reichmuth.

In October, SUSI closed its Renewable Energy Fund II at €382.5 million. The firm focuses on renewable energy and energy storage and efficiency.