SEP and SSE launch £95m green energy fund

SEP and SSE have partnered up to establish the £95m Environmental Energies Fund (EEF). The focus lies on the European clean energy industry. The establishment of the fund is SEP's first move into the secondaries market.

Investors
The investor syndicate was headed by Lexington Partners. The other investors were UK-based firms Hermes GPE and F&C Private Equity, and Swiss-based Partners Group.

Investments
The fund has already acquired nine of SSE's portfolio companies; SSE is retaining an  interest in each business.

EEF will continue investing in the nine acquired companies and may possibly make up to five additional investments in SSE portfolio companies.

The current portfolio companies of EEF are Anesco, Acquamarine Power, Cyberhawk Innovations, Geothermal International, Green Highland Renewables, Smarter Grid Solutions, SolarCentury, Vital Energi and Waterrevolution.

People
The fund will be managed by SEP. Gary Le Sueur, partner, will be heading the team. 

Advisers
Macfarlanes (Legal for SEP, EEF); Dundas & Wilson (Legal for SSE). 

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• Topics
• Secondaries
• UK / Ireland
• Industrials
• Scottish Equity Partners
• Cleantech
• Hermes GPE
• Partners Group