SUSI Partners has reached a €148.6 million second close on its sophomore energy efficiency fund, the Swiss firm said in a statement.
The SUSI Energy Efficiency Fund II has a target of €300 million and is a continuation of its €200 million predecessor, which closed in 2015. A first close of €45 million was recorded in January this year.
As with the first vehicle, Fund II will finance projects and generate receivables from the energy savings made.
“Substantial investment in energy-efficiency projects will be needed to achieve the goals of the Paris Climate Agreement,” SUSI said in a statement. “Although the technology is in place, private and public infrastructure owners and operators often lack the financial resources to implement energy-efficiency measures.”
SUSI said the fund had invested €30 million in seven countries across seven different projects. These included LED street lighting in Spain, energy refurbishment, and light-as-a-service projects in Germany, Poland, Italy and Slovenia.
SUSI declined to comment on the targeted returns, though the predecessor fund was aiming for 5-6 percent. The 15-year vehicle has a hard-cap of €400 million. A spokesman for the firm said the final close would occur within 18 months of the January first close.
SUSI is also continuing to raise funds for its Asian energy transition vehicle, which targets renewable and energy-efficiency projects in South-East Asia. The €250 million fund was revamped towards the end of last year, dropping its partnership with South Pole Group.