Platina closes ?209 million European renewable energy fund

Platina Partners LLP (“Platina”), a private equity fund manager specialising in renewable energy and buyouts in turnaround situations, announces the closing of its European Renewable Energy Fund (“EREF”) with total commitments of €209 million. The Fund will invest in renewable energy projects across Europe at all stages, from development to construction and energy production.

Building on the renewed support of its historical investors, Platina has expanded its investor base for EREF, attracting banks, funds of funds and pension funds from across Europe, with Access Capital Partners, the European Investment Bank, Euro Private Equity, the Finnish State Pension Fund and Partners Group among the new investors.

EREF has around €150 million of uncommitted funds ready to be invested in line with Platina’s proven strategy of developing and constructing portfolios of renewable electricity generation assets and growing independent renewable power producers. Platina will continue to focus on projects at all stages of development with typical enterprise values for operational assets of €20-200 million.

To date, Platina has already completed nine investments within EREF with two already under construction or in operation:

1) Orites wind farm (July 2009) – a €170m 82 MW wind farm that is the first ever independent power producer and first wind power plant in Cyprus. When completed, this wind energy project will represent 8% of the installed capacity in the Republic of Cyprus.

2) Arico solar photovoltaic plant (November 2009) – the €70m joint acquisition with Anemoi of an 11 MWp PV project in Spain which contributes to making Platina one of the leading private equity renewable investors in the local solar market (over 30MW in operation today).

Since it inception, Platina has been involved in a combined construction and operational portfolio of over 300 MW. Its European development portfolio comprises over 1,000 MW of wind energy, solar power, hydro and biomass projects.