First close achieved for Prime Green Energy Infrastructure Fund

Prime Capital AG has reached a EUR 202 million (US$ 228.2 million) first closing on its Prime Green Energy Infrastructure Fund. The Fund focuses on wind-powered energy assets in the Nordic countries, with no reliance on government support and with the lowest Levelized cost of electricity in Europe. The Fund aims to secure assets in its late development stage and exploit their full return potential by employing a value-add strategy. This strategy includes the optimization of permits, layouts, and technology, together with full contract tendering whilst striking the optimal balance between long-term financing and merchant risk.

The Fund has a cooperation understanding with Siemens Gamesa Renewable Energies S.A. (SGRE), a leading wind turbine manufacturer. Prime Capital will identify and secure attractive opportunities at an early stage, optimize all technical and commercial aspects of the projects, and capitalize on the technology and expertise. This approach was successfully applied in recent transactions – including Project Nordlicht, a 290MW project in Norway nearing commissioning and Project Stavro, a 254MW project in Sweden, which reached financial close last year.

Prime Capital has already secured three seed investments for the Fund, located in Sweden and Norway. The first investment is planned for shortly after the first close and will take Prime Capital’s Infrastructure track record to over 1.2GW capacity realized. Prime Capital is one of the largest investors in the Nordic onshore wind space.

Several investors have seeded the Fund and will join its Advisory Board. Amongst them, Siemens Financial Services, Siemens’ financing arm, and Nordrheinische Ärzteversorgung, the Doctors’ pension fund, who have both invested with Prime Capital in several Nordic projects before.