Impax reaches €97 million for renewables fund

London, 18 May: Impax Group has now raised an additional €37 million ($44 million) into its Impax New Energy Investors fund, following a second close of the private equity investment vehicle. This brings total commitments to the New Energy Fund to €97 million, with the London-based boutique investment bank expecting to reach its €125 million target by final close this summer.

"The investment climate for renewable energy has never been more favourable and large institutional investors are increasingly seeking exposure to it," said Ian Simm, Impax chief executive.

The fund will invest in renewable energy projects in Europe, and Peter Rossbach, director of investments at Impax, claimed "a robust deal flow for the fund, particularly in the wind, solar and biomass sectors … We have already pre-selected a significant number of projects for investment".

The New Energy Fund is supported by Dexia Crédit Local, the sponsoring investor, and other investors include British Airways Pension Fund, the Co-operative Insurance Society, Universities Superannuation Scheme and South Yorkshire Pensions Authority.

The New Energy Fund is managed by Impax Asset Management, a wholly-owned subsidiary of Impax Group. Dresdner Kleinwort Wasserstein is acting as lead placement agent.

The second closing of the New Energy Fund takes Impax's total funds under management and advisory to over £350 million ($658 million).