SUSI Partners has launched a second financing vehicle to invest up to €400m in European energy projects.

The Swiss investment manager said the second SUSI Energy Efficiency fund is expected to have a first close by the end of the year.

The manager said following the completion of 32 projects, the €200m SUSI Energy Efficiency Fund I is almost fully deployed. SUSI launched the first Energy Efficiency fund in 2014.

The follow-up strategy will continue the investment strategy and benefit from existing framework agreements with technology companies and energy service companies.

The target volume of the follow-up fund is €300m to 400m with the investment focus remaining on the European Economic Area.

Alexander Hunzinger, a managing director of the SUSI energy efficiency sector, said: “The market for energy efficiency refurbishments is expanding at high growth rates.

”Thanks to our existing network with the key players in the European energy efficiency market and our unique structuring expertise, I believe that we are very well-positioned to benefit from sustained growth in this segment.”