Omnes’s fourth renewable energy fund has so far raised over 75% of its €500m fundraising target and acquired a stake in Danish solar energy provider Better Energy.

The Paris-based manager said its value-add Capenergie 4 fund received €380m from its existing investor base as well as from new French and international institutional investors.

The manager said the European Investment Bank – as a cornerstone investor – committed €75m to the fund, up from the €45m the bank committed to the predecessor Capenergie 3 fund, which raised €245m in 2017.

The fund is expected to provide European renewables developers with growth capital to help them transform into independent power producers.

Omnes said the Capenergie 4 fund has marked its first investment with the acquisition of the minority stake in Better Energy for €30m.

Better Energy is currently developing 5GW of solar projects at different stages in Denmark and Poland and is aiming to speed up its transition to become an independent power producer.

Serge Savasta, managing partner at Omnes, said: “Since 2006, the team has been helping to transform Europe’s renewable energy developers into independent power producers.

“This has been achieved through a unique investment approach that combines private equity and infrastructure.”

Ambroise Fayolle, vice-president, European Investment Bank, said: “This first investment in Better Energy, and the successful close on Capenergie 4 fund prove that Omnes is one of the leading European players in funding renewable energy infrastructure.

“As the EU’s climate bank, the European Investment Bank is proud to support Omnes’s ambition to develop independent power producers around Europe.”