Eiffel Investment has launched its third European energy-transition infrastructure debt fund and secured half of its €1bn fundraising target in its first closing.

The asset manager said the initial €500m in capital commitments to the Eiffel Energy Transition III were secured from around 20 major French and international institutional investors. Almost half of the commitments represent reinvestments from existing investors.

Eiffel said its first two vintages of the energy-transition programme have supported the deployment of assets from over 70 developers in Europe and around the world.

“While this new vintage continues the trajectory of the previous two funds, its launch represents a true scaling-up to meet the growing financing needs of the sector.”

The fund is expected to ultimately deploy €3bn to support the European energy transition in the coming years, the manager added.

It said the fund has already identified over €1bn in potential investments, aiming to back both existing partners of Eiffel and new partners, with a focus on Europe and OECD countries.

Fabrice Dumonteil, president of Eiffel Investment, said that since its inception, the Eiffel energy-transition programme has exceeded its objectives, “demonstrating its relevance in supporting the immense financing needs of the energy transition”.

“The success of the programme would not be possible without the trust of investors, both public and private, who reaffirm their confidence year after year and for that we thank them.”

Pierre-Antoine Machelon, the head of infrastructure at Eiffel Investment, said: “The development of the infrastructure needed for decarbonising our economies and preserving our energy security requires increasingly significant investments.

“This new fund is a tangible contribution from Eiffel and its investors to achieving the goals of the Paris Agreement.”

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