Enercap touches first base

The European Investment Bank (EIB), the fund’s cornerstone investor, has committed €25m and the European Bank for Reconstruction and Development (EBRD) has also committed €25m.

Private sector investors have committed a further €25m, taking the total commitments to €75m. Along with the closing of a smaller parallel fund (EPF LP IA) in June, the total capital committed to EnerCap to date amounts to €77m.

The fund will invest in a number of wind energy and bio-energy projects and has already provided bridge loans to several projects located in Poland, Slovakia, Hungary and Croatia. EnerCap plans to close one investment by the end of 2007, and at least two additional investments by mid-2008.

EnerCap Partner Ewan Gibb said: “Wind energy is expected to contribute significantly to the renewable energy mix in Central and South-Eastern Europe, following a similar growth pattern seen in Western Europe. We look forward to working with our partners in building a strong portfolio of projects across the region.”