SUSI reaches €60m, announces solar partnership

The Swiss renewable energy fund manager is targeting a €100m final close for its debut infrastructure fund by the end of November this year. The firm has just signed a solar PV partnership with Eneco in France and Belgium.

SUSI Partners, a Zurich-based fund manager, has collected around €60 million for its debut renewable energy infrastructure fund, according to market sources.

The SUSI Sustainable Euro Fund I posted a first close on €30 million in April 2011 and is aiming to achieve a final, €100 million close by the end of November this year.

SUSI has just signed an agreement with Eneco Solar, Bio & Hydro, part of Dutch sustainable energy firm Eneco, to pursue acquisitions of solar photovoltaic (PV) assets in France and Belgium over the next 18 months.

Eneco currently owns and operates 20MWp (megawatt peak) of photovoltaic power in the Benelux region and is looking to expand further in the French and Belgian markets.

The agreement will see SUSI seek to increase the photovoltaic holdings in its Luxembourg-domiciled fund, which targets onshore wind and fixed PV energy infrastructure in selected European markets.

In September last year, SUSI acquired three 1 MWp solar PV 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.

Formed in August 2009, SUSI is headed by Otto 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.

The firm is also in the process of launching a second fund, the SUSI Energy Efficiency Fund, which will finance retrofits of existing buildings and public infrastructure to drive energy efficiency savings. The fund has a €250 million target.

In marketing material, SUSI says its funds “can replace other fixed income instruments for institutional investors who want to invest in sustainable infrastructure investments with a measurable positive impact on climate change”.