Voya Investment Management achieves first close of new renewable infrastructure debt fund

Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. through its private credit platform has completed the first close of a new infrastructure debt fund focused on project financing in the renewable energy space with over US$300 million in commitments.

Voya IM has made three renewable energy infrastructure investments to date, including an agreement to provide US$30 million in debt financing to Bakersfield Renewable Fuels to help retrofit a crude oil refinery to produce renewable diesel from soybean oil and other plant-based feedstock. Voya IM expects to make between 12 and 18 investments in the renewable energy project financing space, the vast majority of which are expected to be in the U.S.

The firm expects that roughly half of these renewable investments will be focused on wind and solar projects, with the other half funding sustainable infrastructure projects such as battery storage and renewable fuels.