Italian fund manager EstCapital has closed the first round of fundraising for its RealEnergy investment vehicle, Italy's first fund to invest in energy-producing real estate assets. The vehicle, which is marketed and managed by EstCapital's Palladium SGR unit, raised over EUR 20 mln from private and institutional investors at a first closing. EstCapital intends to raise a further EUR 50 mln from investors in the final closing planned for the first quarter of 2010.

Italian fund manager EstCapital has closed the first round of fundraising for its RealEnergy investment vehicle, Italy's first fund to invest in energy-producing real estate assets. The vehicle, which is marketed and managed by EstCapital's Palladium SGR unit, raised over EUR 20 mln from private and institutional investors at a first closing. EstCapital intends to raise a further EUR 50 mln from investors in the final closing planned for the first quarter of 2010.

After the second round of fundraising, RealEnergy will have a spending power of EUR 175 mln (including leverage). The fund will be looking at energy parks, photovoltaic projects and energy-generating assets across Italy. Main investor in the fund is Palladio Finanziaria.

The vehicle is currently in advanced negotiations to acquire a number of photovoltaic complexes in the Italian region of Puglia, EstCapital said. The schemes produce roughly 10 MWp of energy. Additionally, the company is studying the potential acquisition of assets producing a further 20 Mwp of energy in the regions of Puglia, Basilicata, Sicilia and Lazio. The purchases should take place during the first quarter of 2010.

CEO Gianfranco Mossetto said that the company was 'extremely satisfied to be the first and only asset management firm in Italy to realise a real estate fund investing in alternative energy sources.' 'We are certain that this product will be further appreciated in the market as it is the only one in its kind available today.'

Palladio Corporate Finance acted for Palladium SGR as placement agent and financial advisor.

EstCapital Group received approval from the Bank of Italy for the launch of RealEnergy in February 2009. The company manages a total of 13 property funds with assets under management of EUR 3 bn.