EOS IM’s clean energy fund receives €40 million injection
13/10/2016 – Modern Investor
Alternative manager OES Investment Management signed a €40 million financing agreement with Intesa SanPaolo Group to finance part of the current portfolio of its energy fund, Efesto Energy, Modern Investor can reveal.
The transaction was structured and coordinated by Banca IMI – the investment bank of the Intesa SanPaolo Group – which acted as mandated lead arranger and agent bank.
The Efesto Energy, which is a Specialised Investment Fund (SIF), pools together photovoltaic (PV) power plants into a single vehicle, giving international investors access to Italy’s renewable energy and solar market.
Commenting on the deal, EOS IM’s CEO and founding partner, Ciro Mongillo, said: ‘The transaction allows us to improve the overall return on the entire fund portfolio, and therefore for our investors.’
‘EOS IM’s long-term strategy is challenging but rewargind, and therefore we are committed to maintaining a high level of diversification of the energy fund, both on a dimensional and geographical basis, whilst gradually increasing the portfolio.’
The fund is managed by EOS IM and currently holds a total of 24 photovoltaic plants in ten Italian regions with a total capacity of 27 MW, corresponding to a value of over than €65 million.
The current fund PV portfolio produces a total of approximately 37 million kWh per year, saving almost 21 tons of CO2 emissions and meeting the equivalent energy needs of more than 13,000 households.
London-based EOS IM manages closed-end alternative investment funds, structured mainly as a SICAV-SIF under Luxembourg law.