Swiss firm SUSI Partners is planning to launch a new renewable energy fund later this year, targeting commitments of up to €1 billion.
The Global Energy Transition Fund is set to be launched in the fourth quarter of 2017, aiming for what SUSI described as “above-average returns”.
The fund’s €1 billion target is a significant scale-up compared to SUSI’s previous efforts. The group’s €100 million first vehicle closed in 2011, before its successor closed on €380 million in October. While both funds targeted wind and solar projects in Europe, the third vehicle will scour across OECD countries for opportunities, including in offshore wind. Between 15 and 20 investments are targeted for the GETF, benefitting from a mixture of offtake agreement and feed-in tariffs.
“The GETF is SUSI's response to the rapidly growing demand for large-volume renewable energy infrastructure and the significantly improved predictability of offshore wind parks,” the firm said.
Elsewhere, SUSI is also nearing a second closing for its energy storage fund. The vehicle sealed a €66 million first close in March and the second closing is scheduled for the summer after it garnered a further €50 million. The vehicle is looking to raise about €200 million.
While the energy storage fund has only made one investment to date – a 12MW project in Canada – SUSI says additional deals in Europe and the US are currently being negotiated.