SUSI renewable energy fund closes at €380m

The fund, which has already invested over €115m, secured a €100m investment from a Dutch pension fund as part of the final closing.

Swiss fund manager SUSI Partners has reached a €380 million final closing for its second renewable energy fund.

The vehicle was launched at the end of 2014 as a successor to its first renewables fund, which closed at €235 million. The fund was targeting between €300 and €400 million. It has already invested over €115 million in 210MW of wind and solar parks in Germany, France, Finland, UK, Portugal and Italy. SUSI added that additional investments are expected to be made from a 270MW pipeline within the next 30 months.

“With the successful final closing, the fund can now realise projects amounting to an expected total volume of €1 billion,” Otto von Troschke, chief investment officer and co-founder of SUSI Partners, said.

SUSI said that a majority of the fund’s investors are pension funds and insurance companies, with €100 million being invested by an unnamed Dutch pension fund in the final closing.

The European Investment Bank contributed €66 million in May and SUSI said at the time it expected a final close at the end of Q2 2016. A spokeswoman for SUSI told Infrastructure Investor: “The advisory board decided to prolong the fundraising period as the due diligence process for some interested investors took a bit longer.”

She added that the company’s energy storage fund, which is said to be targeting €200 million, has been launched and “a cornerstone closing is expected to take place soon”.