March first close for fifth energy vintage

A first close of around €400 million ($435m) is expected in March (2023) for a European renewables and energy transition vehicle.

The fund, RGreen Invest’s InfraGreen V, has a target of €1.2 billion and a hard cap of €1.6 billion.

The vehicle was in pre-marketing from spring last year (2022) and began taking submission in H2 2022.

InfraGreen V will largely follow the template of its predecessor, InfraGreen IV, focusing on the European Economic Area in the sectors of:

  • energy efficiency
  • storage
  • solar
  • wind
  • biomass
  • biogas
  • geothermal

RGreen Invest also plans to invest in biomass and biogas projects.

Solar and wind assets would account for around 40%-50% of investments and mobility and storage – around 20%. 

The fund expects to make 25 investments, albeit with a larger average ticket price. The fifth vintage is a 12-year fund like its predecessor.

The target return for the vehicle, domiciled inn France as an SLP, is 12%.

InfragReen IV launched in December 2019, targeting €500 million with a €650 million hard cap. It reached first close in December 2019 at €384 million.

Since September 2020, the fund has raised €469 million and in October 2020 a third close was reported at €480 million ($559m). Final close was held in July 2021 at €670 million.

The fund’s exclusively mezzanine debt-focused predecessors were:

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