Prime Capital has announced the eighth closing of its Prime Green Energy Infrastructure Fund II, with fundraising now close to completion. The fund continues the investment approach of its predecessor, Prime Green Energy Infrastructure Fund.
Prime Green Energy Infrastructure Fund II targets renewable energy projects across Europe, with a particular focus on Scandinavia. Total commitments have exceeded EUR 1bn, with around 60% provided by existing investors and 40% from new investors, surpassing the original fundraising target.
The fund strategy concentrates on renewable energy assets with low levelised cost of electricity, alongside a focus on risk-adjusted returns in energy transition markets. Prime Capital is targeting a net internal rate of return of 10 to 12% and a money multiple of 1.6 to 2 times over a ten-year period. A project pipeline has already been secured, with emphasis on battery energy storage and renewable power generation.
Prime Capital is an established investor in Scandinavian onshore wind and plans to strengthen its position in the region through assets allocated to the new fund.
