Swiss power and heat supplier EBL has raised over EUR 100 million (USD 108.2m) in the first closing of its European energy transition fund, aiming to accumulate a war chest of investor capital and own money to finance a 1-GW renewables portfolio.
The energy cooperative said that its renewables fund will invest in 20 to 25 of ready-to-build onshore wind, solar power and energy storage projects, with a focus on medium-sized solar photovoltaic development in Germany and Spain.
The fund is targeting Swiss pension funds and other institutional investors, with EBL holding an equity share between 10% and 20%. The proceeds from the first closing will be immediately funnelled into investments by EBL Infrastruktur Management AG, the company said.
EBL’s CEO Tobias Andrist announced that the company plans to hold the second closing in 2024 to raise a further EUR 50 million to EUR 100 million. Additionally, the EBL will put up EUR 110 million of its own money to fund the 1-GW pipeline.
EBL says it has been investing in renewable energy alongside other Swiss investors since 2010. Outside of Switzerland, the company owns stakes in wind farms in Italy and Germany and one concentrated solar power plant in Spain.
(EUR 1.0 = USD 1.082)
