Voya Investment Management has completed a $300 million first close of its new infrastructure debt fund, focused on project financing in the renewable-energy space.
Voya IM expects to make between 12 and 18 investments in the renewable-energy project financing space, the vast majority of which are expected to be in the United States. The firm expects that roughly half of these renewable investments will be focused on wind and solar projects, with the other half funding sustainable infrastructure projects, such as battery-storage and renewable fuels.
The closing follows the recent hiring of Tom Emmons and Edward Levin, co-heads of Voya IM’s direct infrastructure team, who are responsible for the origination, underwriting, structuring and management of mezzanine and stretch senior opportunities in renewable-energy infrastructure projects.
“Since our arrival at Voya IM, we have found significant demand from sponsors for late-stage development financing, constru