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Stanley Fink’s new fund is off to a running start. The former Man Group chief’s pet project, Earth Capital Partners, has held a first close of its maiden renewable energy infrastructure fund.
The vehicle, the ECP Renewable Energy Fund will invest in solar, biogas and biomass projects in Europe, the Middle East and North Africa.
“The fund provides a vehicle for institutional investors to engage in infrastructure energy projects which move us towards a low carbon economy,” said Ben Cotton, a partner at ECP. “Reaching first close for this fund is proof of concept of the ECP model, and we expect to bring electricity online from renewable sources within the next 12 months.”
Final close of the fund—which it targeting €750 million—is expected to take place by the end of November 2010.
Fink serves as the non-executive chairman of ECP, while Christoph Waltenspul, formerly of AES, will manage the fund. Close Investments chief executive Rufus Warner—who co-founded the fund with Fink—will serve as chief executive officer, and Neil Brown, formerly head of risk for Credit Suisse Asset Management, will be the chief operating officer.
ECP has recently appointed E.ON Climate & Renewables GmbH (EC&R) to play a key role as the fund’s primary industrial service provider, providing technical skills and industrial experience, particularly in project development, operation and maintenance of assets, as well as potentially contributing to the fund’s investment opportunities.
