Impax Asset Management has agreed a joint venture with Dublin-headquartered support services group DCC.
The Impax New Energy Investors IV (NEF IV) fund and FTSE 100 company DCC will originate, install and operate commercial and industrial rooftop solar PV systems, with an initial focus on Ireland and France, but with the intention to expand into other European markets where DCC is active.
The joint venture comes after NEF IV recently made its first private markets investment in electric vehicle (EV) charging infrastructure with ePower, a Cork-based Irish company focused on the installation and operation of EV chargers.
NEF IV has now made a total of 12 investments across Germany, France, Italy, Ireland, Poland, the US and Greece. The investments are distributed across seven distinct technological sectors. This means the fund is “well advanced” with its investment programme within a year of the final close, Impax said.
NEF IV’s final close was completed in January 2024 with a total of €459m capital raised.
Daniel von Preyss, head of private equity/infrastructure at Impax Asset Management, said: “Our JV with DCC is a milestone for NEF IV as we identify and invest in high-growth renewables companies. This cross-European commercial and industrial decentralised solar generation platform builds on the knowledge and capacity of our previous investments in the domestic decentralised generation sector. We are pleased to partner with a company of the calibre of DCC and look forward to expanding this JV alongside them.”
He added: “This investment is also representative of how this fourth iteration of Impax’s fund series has pivoted its approach from the acquisition of single assets to investing into renewable-energy platforms. We are pleased to have now established Impax as an investor into the decentralised generation, storage, EV and energy efficiency sectors alongside our long-standing presence in onshore wind, solar and hydro.”
Carsten Johansen, managing director and member of investment committee for private equity/infrastructure at Impax Asset Management, said: “The partnership with DCC has enabled Impax to expand its current experience in domestic decentralised generation systems into the C&I [commercial and industrial solar] space which is experiencing strong momentum across Europe.
“We are excited to be partnering with DCC who already have deep experience across the solar PV installation sector.”
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