- Fundraising volume or EUR 1bn exceeds target; of this EUR 642m in fund volume, with high co-investments
- Commitments from both existing investors and new, primarily international investors
- European Investment Fund (“EIF”) increases commitment, incl. through the climate and infrastructure mandate of a European sovereign
- Prime Capital is now one of the largest onshore wind power investors in Scandinavia
Independent alternative asset manager Prime Capital AG announces the 8th closing of its Prime Green Energy Infrastructure Fund II (“PGEIF II” or “Fund”). Fundraising is thus almost complete. This fund continues the strategy of its predecessor, the Prime Green Energy Infrastructure Fund (“PGEIF”). PGEIF II focuses on renewable energy projects across Europe, with a particular emphasis on Scandinavia. Total commitments already amount to over EUR 1bn, with around 60% coming from existing investors and 40% from new investors. The target fundraising volume has thus been exceeded significantly.
Net IRR of 10-12% targeted
The fund continues Prime Capital’s existing strategy in the renewable energy sector and focuses on plants with the lowest levelized cost of electricity (LCOE) in combination with attractive, risk-adjusted investments in the growing markets of energy transition. The target net IRR is 10-12%, with a target money multiple of 1.6 to 2x (based on 10 years). The fund has already secured a substantial pipeline of projects, with a focus on battery storage and energy generation.
More than 50 transactions successfully completed
Prime Capital is one of the largest investors in the Scandinavian onshore wind segment and will expand its position with the assets secured for PGEIF II. To date, the company has successfully completed more than 50 equity transactions. In the first fund, renewable energy projects have a capacity of around 1.5 GW, either under construction or in operation, which corresponds to an annual generation of around 4 TWh of green electricity. Prime Capital had fully allocated the investor money raised in just over two years.
Exclusive focus on sustainable energy markets – Article 9 funds (“dark green”)
PGEIF II continues to focus on investments in regions with low electricity production costs. In addition, battery storage projects and selective, value-enhancing investments in energy transition, e.g. for the production of green fuels, are included for further diversification. It is precisely these additional projects, which contribute to energy stability, that have enabled the fund to raise a co-investment volume of EUR 360m, significantly exceeding expectations, primarily from foreign investors. Due to its exclusive focus on sustainable energy markets, the fund has a significant positive impact on the EU’s climate targets and, like its predecessor, has been classified as an Article 9 fund (“dark green”) in accordance with the requirements of the EU Sustainable Finance Disclosure Regulation (SFDR).
Greenfield build-to-core strategy enables attractive investment returns
“The intention to launch our series of Prime Green Energy Infrastructure Funds arose many years ago,” says Dr Mathias Bimberg, Head of Infrastructure. “After investing across Europe at the start of our activities, we focused on the Nordic region for our first fund. Our greenfield build-to-core strategy, coupled with achievable economies of scale and the region’s excellent wind resources, enabled us to achieve attractive returns on investment. With our second fund, we will continue to focus on this region, and will also invest in strong wind and solar regions across Europe and place an emphasis on investments in battery storage. We see significant return potential here if these battery storage facilities can be made available in a timely manner,” he adds.
“PGEIF launched in 2020 and our current fund, PGEIF II, are important steps in the further development of our energy infrastructure strategy, which we began more than 12 years ago,” says Dr Werner Goricki, CIO. “We have carefully expanded our team over the years, hiring technical experts, engineers in fields such as wind energy, chemical process engineering and electrical engineering, as well as project managers. Our proven set-up enables us to invest across the entire energy infrastructure value chain, including energy generation, energy storage and energy transition technologies. Over time, we have established collaborations with various first-class partners and service providers who further support our approach.” “Energy infrastructure remains a key focus of our investment activities – and a very relevant concern for European countries and investors. Numerous fiscal and regulatory support measures in Europe, particularly in recent quarters, underscore this. We are very pleased that, despite the continuing challenging fundraising environment, we have exceeded our target of EUR 1bn, including co-investments, with the 8th closing of our fund. It is particularly gratifying that we have been able to gain the support of several large European investors and supra-nationals, as well as foreign investors from other countries. A total of 17 investors, some with various subsidiaries, placed their trust in us. Above all, our integrated approach to a modern energy infrastructure chain convinced investors,” summarizes Andreas Kalusche, CEO.
About Prime Capital:
Founded in 2006, Prime Capital AG is an independent asset management firm and financial services provider, owned by management as well as current and former senior employees. The company takes a holistic, cross-divisional approach and specializes in Alternative Investments, in particular in Absolute Return, Energy Infrastructure, and Private Debt. Furthermore, the company provides Access Solutions for the access to Alternative Investments through securitizations and fund structures. Prime Capital currently employs about 120 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF.
As of September 2025, Prime Capital has approximately EUR 3.9bn Assets under Management as well as EUR 8.9bn Assets under Administration.
For additional information, quotes or requests please contact:
Prime Capital AG
Andreas Kalusche, CEO
Questions regarding the content please contact Dr. Mathias Bimberg or Sarah Kraft
Tel: +49 69 9686 984 308 or +49 69 9686 984 27
Mathias.Bimberg@primecapital-ag.com or Sarah.Kraft@primecapital-ag.com