Frankfurt, 15th June 2021
– 3rd Closing within one year, totalling EUR 342mn of commitments
– Second investment in the fund made, bringing allocated capital to approx. EUR 230mn
– The fund has been categorised as an SFDR impact (“Article 9”) fund
One year after the First Closing of its Prime Green Energy Infrastructure Fund (“PGEIF”), the independent asset manager and financial services provider Prime Capital announces the Third Closing of its commingled infrastructure fund. With this Closing PGEIF reached total commitments of EUR 342mn. The fund was launched in June 2020 and focuses on wind-powered energy assets in the Nordic countries. It aims to secure assets in their late development stage and exploit their full return potential by employing a value-add strategy.
Prime Capital identifies and secures attractive opportunities at an early stage, optimising all technical and commercial aspects of the projects, including financing and power purchase agreements. It seeks to build its projects with the most efficient technology on the market. This approach has been successfully applied in several large scale transactions so far.
“Our value-add strategy, coupled with the economies of scale achievable in the Nordics and the region’s excellent wind resources, enables us to achieve superior market returns compared to other renewable energy investments in Europe, as we build at the lowest levelized cost of electricity”, says Dr Mathias Bimberg, Head of Infrastructure at Prime Capital. “We are also very happy to have acquired our second investment in the fund, from one of the pioneers of wind development in Europe, CPC Germania. The 192MW project is located in Finland and is due to reach commissioning at the beginning of 2023.”
In addition, the fund is the first infrastructure equity fund that received a Second Party Opinion from Sustainalytics®, a global leader in ESG research, ratings and analysis. According to Sustainalytics, the fund aligns with their principles for green and responsible investments. It creates significant positive impact with respect to the EU’s climate change mitigation target and has also been categorised as an impact (“Article 9”) fund according to the strict requirements of the EU’s recently introduced Sustainable Finance Disclosure Regulation (SFDR), as it invests in sustainable business activities aligned with the EU taxonomy.
In 2021, Prime Capital also received several prestigious awards for investing in the renewable energy sector, which is a testament to its activities in recent years. Both the “Global and European Deal of the Year Award” of the 12th annual global Infrastructure Awards went to project Björnberget, PGEIF’s seed investment, a 372MW onshore wind park in Central Sweden. The project is expected to reach commercial operation at the beginning of 2023 and will produce approx. 1.1TWh of clean electricity annually. Furthermore, Prime Capital was awarded as “Investor of the Year” at the A Word About Wind Investment Awards 2021.
“We are pleased to announce the Third Closing of our successful infrastructure fund, which is another proof for our achievements in realising sustainable projects at attractive returns. In addition, we are delighted that our “Article 9 fund” fulfills the high standards of the EU requirements”, adds Andreas Kalusche, CEO at Prime Capital. “Not only our infrastructure team, but also our other investment teams will continue to extend our activities in this segment in the future, as sustainable investing has gained immensely in importance in recent years. In Europe, and in particular in Scandinavia, we have in the meantime become a very sizeable and recognised player.”
®Sustainalytics, a provider of environmental, social and governance (ESG) research and analysis, evaluated the fund as set forth in this Prospectus and the alignment thereof with relevant industry standards and provided views on the robustness and credibility of the fund, in accordance with industry standards, which views are intended to inform investors in general, and are accordingly not directed to or tailored for a specific investor.
About Prime Capital:
Prime Capital AG is an independent asset management firm and financial services provider, owned by management and employees. The company specializes in Alternative Investments, in particular in Absolute Return, Infrastructure, including Renewable Energy and Private Debt. Furthermore, the company offers Investment Advisory & Solutions as well as Access Solutions. Prime Capital was founded in 2006, currently employs around 110 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF.
As of March 2021, Prime Capital has approximately EUR 17.5 bn Assets under Management, managed and administered.
For additional information, quotes or requests please contact:
Prime Capital AG
Andreas Kalusche, CEO
Questions regarding the content please contact Dr Mathias Bimberg
Tel: 0049 69 9686 984 308