The Solar Effect: UK Investment Firm Launches Second Tranche Of Energy Fund

Tom Burroughes

21 December 2015

EOS Investment Management, the UK-based firm operating in countries such as Italy and Luxembourg, has launched the second tranche of the Efesto Energy fund.

The fund is incorporated in Luxembourg as a Specialized Investment Fund and pools together photovoltaic power plants into a single vehicle so investors can exploit gains from Italy’s renewable energy and solar market. The first tranche was launched in 2014.

Since 2014, Efesto Energy has completed its first round of acquisitions consisting of PV plants for a total value of around €60 million ($65.3 million) and total capacity of 25 megawatts, with the next acquisition to be finalised by the year end. The current portfolio of solar assets stretches across eight Italian regions.

Global investments in renewable energy increased by 17 per cent to $270.2 billion last year; a total of $249.6 billion was committed to solar, up 25 per cent on the figure for 2013.

Solar PV generated 7.5 per cent of Italy’s electricity needs, latest figures show, and the fund says this is the highest rate of PV penetration in the world, up from 6.6 per cent in 2013.

Besides renewable energy, EOS IM wants to develop its offering in other areas of the private equity sector, with particular focus on high potential small and medium sized companies that are predominantly active in consumer and industrial goods, services and healthcare-related industries.