BNP Paribas Clean Energy Partners GP raised 437 million euros ($581 million) from insurers and pension funds, exceeding the target it set for investing in renewable-power infrastructure.
The London-based fund, which counts BNP Paribas Investment Partners among its investors, will target onshore wind farms, photovoltaic power plants and small hydro and biomass generators with secure cash flows, the company said today in a statement. The fund aimed to raise 350 million euros.
“Investors have recognized that the outlook for clean energy in Europe is positive, offering good potential for growth and that our team has access to a deep pipeline of attractive investment opportunities,” Joost Bergsma, chief executive officer of BNP Paribas Clean Energy Partners, said in the e-mailed statement.
The fund raised 250 million euros in a round that ended in September 2009 and 187 million euros in its most recent appeal to investors, bringing the total to 437 million euros.
The fund, which owns stakes in an Italian solar-energy array as well as wind farms in France and Ireland, aims to earn 15 percent annual returns, Bergsma said in October. It borrowed 93.5 million euros that month to build a 30-megawatt photovoltaic plant near Rome.