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Capital Dynamics, a Swiss asset manager, has raised US$282 million for its US solar project fund. Over 15 institutional investors, individuals and family offices in the US, UK, Australia, Germany, South Korea and Japan have contributed to the fund.
Solar project investments will focus on commercial-scale solar PV projects in the US. According to Environmental Finance, David Scaysbrook, managing director and head of clean energy and infrastructure noted that the fund has already committed and planned investments adding up to 60-70% of the US$282 million.
Capital Dynamics began the fund 18 months ago with a target investment of US$300 million and a lifetime of 12 years. It aims to make returns over 10%. The company has committed to invest in 50 projects in different stages of development and has bought three solar project portfolios. “Capital Dynamics views the final amount as a real success given the current poor fundraising market conditions,” Scaysbrook told Environmental Finance. “Clearly, there is growing and widespread demand for direct investments in clean energy projects that provide long-term cash yield.”