Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Prime Capital Plans to Raise $750 Million for Renewable Energy

Prime Capital Plans to Raise $750 Million for Renewable Energy
Wind turbine rotor blades are stored at a Nordex AB wind park in Rostock, Germany. Photographer: Michele Tantussi/Bloomberg

June 11 (Bloomberg) -- Prime Capital AG plans to raise 600 million euros ($750 million) from pension funds and insurance companies to invest in European renewable energy projects.

It may use the money to fund as much as 400 megawatts of plants already operating or ready to connect to the grid, the Frankfurt-based asset management company said today in an e-mailed statement. The money will be invested through Prime Renewables GmbH, a unit created for the venture.

European countries are seeking to boost wind and solar power to increase energy self-sufficiency and curb emissions while wrangling over financing as economies stagnate and debt mounts. The U.K. is looking for ways to bring pension and insurance money into the industry, while Danish and Dutch retirement funds have taken stakes in offshore wind projects.

“Prime Renewables answers one of the main corporate and energy policy questions,” Prime Capital Chief Executive Officer Wolfgang Stolz said. “Namely how to ally institutional capital to future-oriented clean and secure energy generation.”

Prime Renewables will offer investors stable returns for 25 years through its financial instruments, “while minimizing risks associated with investing in renewable energy-generation infrastructure,” the company said in the statement.

Wheb Group, a London-based investment manager, will advise Prime on the purchase and management of assets such as onshore wind and solar power. Prime, which also provides financial services, said the venture may invest in transmission networks and energy storage projects “at a later stage.”

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.