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Impax May Invest in North American Clean Power From Second Fund

Impax Asset Management Group Plc, a London-based firm overseeing about $3.9 billion, will consider investing part of its second fund in North American renewables.

Money left from the 330 million-euro ($450 million) fund should support about 100 megawatts of onshore wind and solar in places from Italy, Germany, France, Finland and Ireland to North America, Chief Executive Officer Ian Simm said in an interview.

“The North American market is very well developed and it has some great developers and service providers,” Simm said in London. “There are plenty of opportunities and it is possible to find some quite interesting pricing.”

Impax plans to invest the less than 40 percent of its New Energy Investors II fund remaining in the next 12 to 15 months, Simm said. “We’re currently considering several options for new vehicles and products and how best to serve our clients.”

The fund, counting the European Investment Bank and Finnish State Pension Fund among investors, in September bought two wind farms totaling 78 megawatts in Finland from Fortum Oyj and owns solar in Italy. Onshore wind and solar remain the lowest risk, with the best track record and equipment supplies, Simm said.

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