Impax Asset Management Group’s third renewable energy infrastructure fund, Impax New Energy Investors III, has held a €357 million ($441 million) final close. The fund has already made investments in Germany, France and Norway, for which it expects to draw down capital over the next two to three years.
In addition, Impax New Energy Investors II has realized asset sales and strong returns, and has recently signed or closed exits to realize more than 95 percent of the total value of its portfolio, according to the firm.
The fund has completed several recent asset sales, including an Italian solar photovoltaic business, another tranche of the firm’s French onshore wind development and an Irish wind farm.
“NEF II is on track to deliver strong overall returns to investors,” said the firm.
As a result of NEFII’s returns and asset sales, Impax received £3.2 million ($4.2 million) (net of bonus and tax) of carried interest payments in May 2018, with the potential for additional payments over the next 18 months.
