SUSI on track to beat €300m target for energy efficiency fund II

The Swiss fund manager has already deployed roughly €93m through SEEF II, a fund that could be double the size of its predecessor should it reach its €400m hard-cap.

SUSI Partners, a Switzerland-based fund manager focused on energy transition, has raised €275 million so far for its second energy efficiency debt fund and expects to reach a final close in the second quarter of this year.

“Since the last closing in July 2019, we have raised new investor commitments of over €125 million,” Marius Dorfmeister, the firm’s co-chief executive and global head of clients, said in a statement. “With a number of additional investors in advanced due diligence, we aim to have a final close significantly exceeding the target of €300 million.”

The firm declined to comment on the total amount it expects to raise but confirmed that the hard-cap for SUSI Energy Efficiency Fund II is €400 million.

SUSI has already invested roughly €93 million from Fund II across 17 transactions in nine countries, according to the statement. Its portfolio includes light-as-a-service projects in Germany, Poland and Italy; energy upgrades in public buildings in Slovenia; street lighting retrofits in Spain; and a smart metering-as-a-service deal in partnership with Discovergy, a German provider of smart meter solutions. The firm also continues its partnership, which it established under SEEF I, with Signify (formerly Philips Lighting), which implements LaaS projects across various countries in Europe.

According to the firm, the investments it has made to date through Fund II will result in CO2 savings of 435,000 tonnes over the lifetime of the projects.

Fund II’s investment strategy continues that of its predecessor, but its geographic focus is broader. Unlike Fund I, which invested in assets exclusively in Europe, Fund II will deploy 20 percent of its capital in other OECD markets, including the US.