A geographically diverse mix of investors has shelled out a combined €459 million ($497 million) for a renewable energy focused fund owned by sustainable asset manager Impax Asset Management, making it the latter's largest fundraise to date.
This marks the final close of the Impax New Energy Investors IV (NEF IV) fund, the 4th private markets infrastructure fund of the investment manager. The fund closing amount is around 30% more than its previous fund.
Its investors include institutional investors like pension funds, sovereign wealth funds, insurance companies, asset managers, and family offices.
Impax says the NEF IV has a diversified pan-European portfolio with select US exposure. Onshore wind, solar PV and small-scale hydropower as commercially proven technologies will be its target investment areas.
It may also selectively invest in adjacent sectors including decentralized generation and energy efficiency.
"The market environment for investing in new energy infrastructure in Europe remains highly attractive," said Head of PE/Infrastructure at Impax, Daniel von Preyss. "The favourable regulatory environment in which we operate is well-established and reflected by the EU's ambitious renewable energy targets. Overall, Impax's New Energy strategy is well-positioned to capitalise on these favourable tailwinds and support the energy transition."
Impax says the NEF IV fund's current portfolio comprises 10 platform investments in 6 countries and 5 technologies. This includes a solar PV and energy efficiency portfolio and a renewables developer with operations in Ireland as well as the US.
In Ireland, Impax is invested in local developer BNRG with whom it recently achieved a financial close on the development of 3 solar farms with a combined 43 MW capacity, according to The Irish Times.
Impax received a €50 million commitment to the NEF IV fund from the Ireland Strategic Investment Fund (ISIF) in April 2024 (see Irish Government Commits €278 Million To Climate Investments).