EOS Investment Management launches second tranche of its Italian PV fund

EOS Investment Management, an independent full-scope Alternative Investment Fund Manager (AIFM), has launched the second tranche of its Italian PV fund, Efesto Energy fund.

The Efesto Energy fund, which is fully incorporated in Luxembourg, was originally launched by the London-based
group in 2014. It gives international investors access to Italy’s renewable energy and solar market by pooling together photovoltaic (PV) power plants into a single vehicle.

The fund currently has a portfolio valued at approximately €60 million (US$65.5 million) with a total capacity of 25 MW and it is composed of solar assets stretches across 8 Italian regions. The fund aims to achieve a net internal rate of return (IRR) above 10 per cent.

Ciro Mongillo, CEO of EOS IM, says:

“Over the past few years, we have been approached by many international investors looking to target renewable energy but being unable to access it. Based on 25 years of experience, it’s easy to see why experienced investors, with an eye on the future, have ramped up their global solar investments and, by all indications, will continue to do so. Furthermore, investors are seeing the attractiveness of solar energy as an asset class since it meets effective ESG criteria.”

The company added:

“Solar power in Italy has long been an attractive proposition for foreign investors attracted by the generous subsidies soaring to €6.7 billion in 2013. Such a solarfriendly investment environment pulled in more than EUR 50 billion in solar investment over the past five years, bringing some 17 GW of additional PV capacity over that period.”