
Solar and wind park operator Encavis AG has raised €450 million (US$543.2 million) to build renewables projects in Europe.
The fund, which was launched by Encavis Asset Management and distributed by state-owned German bank Bayern LB, attracted 50 institutional investors.
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A spokesperson for the BayernLB Alternative Investments teams said that institutional investors have showed “substantial interest in renewable energy funds” and has already started work on a successor to Encavis’ previous funding round.
It follows a year of acquisitions, deployment drives and rising revenues for the asset operator. Encavis’ H1 revenues rose by 8% to €154.8 million last summer, which the group said was driven by the addition of new wind farms in Denmark. The company expects its 2020 full-year revenues and earnings to reach around €280 million and €220 million respectively.
The company bolstered its renewable asset portfolio this year with more solar parks in Germany, France and the Netherlands. Encavis also sped up the development of two solar projects in Spain hindered by COVID-19 restrictions to ensure their completion by the end of 2020.
Karsten Mieth, chief executive of Encavis Asset Management, said the fund proved attractive due to the operator’s “excellent market access and pipelines” alongside positive market forecasts for the renewables sector as a whole.
“For investors, many things simply fit together well,” Mieth said.
“Very good market forecasts, stable and solidly calculated returns, our excellent market access and pipelines as well as an investment opportunity that takes into account regulatory and banking requirements in the best possible way.”