Intermediary close of Platina's fourth fund

01 February 2008

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Fund

Platina Finance has held an intermediary close of its fourth fund, the European Renewable Energy Fund 1 LP (EREF), on EUR75m. The fund aims to raise EUR250m by the end of 2008 and has a hard cap of EUR300m, with the next close to be held in June. It will have a traditional 10-year lifespan, with standard management fees and carried interest rates of 2% and 10% respectively. PwC Legal provided legal advice.

Investors

EREF is targeted at both ultra-high-net-worth investors and institutional investors from across Europe. Much of the current EUR75m in the fund has been provided by Platina's existing investor base, with the GP contributing EUR5m.

Investments

The fund will focus on investments in European renewable energy projects and companies that own renewable energy generation assets, in order to aggregate between 500MW and 700MW of electrical generation capacity. EREF will seek to invest in four platform businesses a year, while also making additional development capital and acquisition finance investments to accelerate growth. It will commit between £15m and £25m of equity in platform projects and between £500,000 and £2m in development capital investments, aiming to take controlling stakes. There are already several deals in the pipeline at a relatively advanced stage, many of which were originally targeted by other Platina funds that have since been fully invested or will be by the time the projects have matured.

People

Platina Finance Ltd will be the main manager of EREF, with Thomas Rottner, Joseph Muthu, Alexandre Labouret and Emma Collins responsible for the fund's management.

Name: European Renewable Energy Fund 1 LP

Target: EUR250m

Focus: Renewable energy generation projects

Contact: Thomas Rottner

Address: Platina Finance Ltd, 40 George Street, London W1U 7DW, UK

Tel: +44 20 7467 3190

Fax: +44 20 7467 3195

Advisers

PwC Legal (Legal).