SUSI Partners aiming for €100m by end of year

The Swiss fund manager, which has just acquired three solar photovoltaic power plants in Italy, has revealed that it is seeking a €100m final close for its debut renewable energy infrastructure fund by the end of this year. The fund had raised €30m at first close in April.

Zurich-based fund manager SUSI Partners (SUSI) has acquired three 1-megawatt peak (MWp) solar photovoltaic plants in the Italian province of Mantova. The “free-standing fixed installations” were built in July 2011 by SOLON, the German solar modules and systems manufacturer. The amount paid for the acquisitions was undisclosed.

The investment comes from SUSI’s debut fund, SUSI Sustainable Euro Fund I, which posted a first close on €30 million in April this year. A spokesperson for the firm said the fund is aiming to achieve a final closing on €100 million by December 31. The fund is seeking to achieve a “double digit IRR with minimal risk and stable annual distrubutions” through renewable energy infrastructure investments – typically in the solar and wind sectors – in Germany, Italy, Finland, France and Belgium.

The latest deal is the firm’s first in Italy, having so far invested in Belgium and Germany. The same spokesperson said it was currently working on an investment in a wind park in France, which it hoped would close by the end of this month. In a statement, the firm said it had a €200 million pipeline of opportunities in its target countries.

In a statement, SUSI chief investment officer Otto von Troschke said: “We are confident to attract additional institutional investors in the short term future as the window of opportunity in the renewable energy market remains bright.”

Formed in August 2009, SUSI is headed by von Troschke – a former executive at Fortress Investment Group, the New York-based alternative assets firm – and chief executive Tobias Reichmuth, a former strategy consultant with The Boston Consulting Group.

Since launching its debut fund, SUSI has also launched a second fund, the SUSI Energy Efficiency Fund. This fund, which is targeting a first close in the final quarter of 2011, will finance retrofits of existing buildings and public infrastructure to drive energy efficiency savings. The fund will share the realised energy savings with the facility owner, who gets the upgrade for free.