Fortis launches clean energy fund on EUR400m

01 October 2009

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Fund

Fortis Investments has launched a clean energy fund with a target of EUR400m. The fund's lifespan will be a five-year investment and five-year distribution. A group of external advisers has been appointed to counsel the team on developments in the clean energy and environmental sector. Clifford Chance has been retained as legal adviser. The fund is expected to close in Q1 2009.

Investors

The cornerstone investor, Fortis Bank, has already committed EUR50m. The minimum subscription is set at EUR5m. Fortis mainly targets financial investors globally, but especially in Europe and Asia.

Investment

The vehicle will focus on investments in the clean energy sector and is particularly interested in wind power, small hydro, solar photovoltaic and biomass generation stations. The fund will seek investments between EUR25-40m equity - for deal size up to EUR100m - mainly in Europe, although it may also seek very selective opportunities in emerging markets including Brazil and India. The fund aims at closing approximately five transactions per year. The fund targets returns of 12-14% and proceeds from an exit can't be reinvested.

People

The fund will be managed by a team of four people based in London, headed up by Joost Bergsma and including David Millan, Scott Lawrence and Peter Dickson. All have experience both in the clean energy sector and private equity.

Name: Fortis Clean Energy Fund

Target: EUR400m

Focus: Clean Energy Infrastructure, Europe

Contact: Joost Bergsma

Address: 82 Bishopsgate

London EC2N 4BN

Tel: +44 207 063 7100

Advisers: Clifford Chance (Legal).