Predirec EnR secured EUR120mn first close

The Predirec EnR 2 fund, managed by Acofi Gestion, has just passed the EUR120 million (US$142.46 million) subscription mark on the occasion of the “closing” of July 30, 2020, with several leading institutional investors such as the European Investment Bank ( BEI).

Predirec EnR 2 is a loan fund in euros intended to meet the needs of players in the Energy Transition sectors in Europe.

With an objective of EUR200 million (US$236.861 million) by the end of the year and a target size of EUR300 million (US$355.19 million), this new initiative aims to meet all the needs of European players in the Energy Transition by offering to finance, short or long term, adapted to the different stages of the projects. It mainly targets the financing of renewable energy production projects and more broadly projects related to the challenges of Energy Transition such as mobility or energy efficiency. All the financing granted by the fund benefits from collateral (assets taken as collateral), whether these are projects financed or projects provided as collateral by companies.

Predirec EnR 2 succeeds in the Predirec EnR 2030 Fund, a financing vehicle for renewable energy production projects, which is fully committed for an amount of EUR164 million (US$194.226 million). The 1,667 power plants taken as collateral by Predirec EnR 2030 represent a cumulative power of 666 megawatts (MW) and an annual production allowing to avoid the emission of 592,600 tons of CO2.

The Predirec EnR 2 fund, labeled Greenfin, is a natural response to a strategy of asset allocation towards a low carbon economy for the “fixed income” pockets of institutional investors.