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
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: