Fortis Investments launches clean energy fund

Fortis Investments has launched a clean energy fund with a target of EUR400m, expected to close in Q1 2009. Fortis Bank has already committed EUR50m. The minimum subscription is set at EUR5m and Fortis mainly targets financial investors in Europe and Asia. A group of external advisers has been appointed to counsel the team on developments in the clean energy and environmental sector. The fund's lifespan will be a five-year investment and five-year distribution period.

The vehicle will focus on investments in the clean energy sector and is particularly focused on wind power, small hydro, solar photovoltaic and biomass generation stations. The fund will seek investments between EUR25-40m equity in deals with enterprise values up to EUR100m. The vehicle will mainly target Europe, although it may also seek very selective opportunities in emerging markets including Brazil and India. The fund aims to close approximately five transactions per year and targets returns of 12-14%. Exit proceeds will not be reinvested. It will be managed by a team of four people based in London and headed by Joost Bergsma. (Page 7)

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