Solas Sustainable Energy Fund ICAV (SSEF), a fund advised by Solas Capital AG, has raised €140 million in its first close, with the European Investment Bank committing €30 million.
The fund will provide debt financing to energy service companies to carry out energy efficiency and small renewable energy projects, primarily throughout the European Union, with a target size of €200 million.
Under the European Union’s new Sustainable Finance Disclosure Regulation, SSEF is rated as Article 9 or “Dark Green,” the highest grade. The European Fund for Strategic Investments is backing the EIB’s investment (EFSI).
European Investment Bank Vice-President Thomas Östros, said: “As Europe’s climate bank, the EIB is proud to be a cornerstone investor in the Solas Sustainable Energy Fund, which will help bridge the major financing gap for energy efficiency projects. Reducing the energy use in buildings is crucial to achieving a carbon-neutral economy in Europe by 2050.”
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