U.K.-based Actis has raised $2.9 billion in a first close of its Actis Energy 5, targeting renewable energy investments in emerging markets, the Wall Street Journal reported July 10.
The fund is reportedly targeting $4 billion in equity commitments and will look to invest primarily in wind and solar projects across Latin America, Africa and parts of Asia. The investment strategy mirrors that of its predecessor fund, Actis Energy 4, which closed with $2.75 billion in 2017.
A source with knowledge of the matter told the publication that commitments came from more than 20 institutional investors, and added that the steady income offered by the renewable sector is attracting investors, as overall demand increases for low-carbon energy and cheaper costs associated with solar panels and wind turbines.
Actis has raised $15 billion since its inception, according to the company’s website.