Impax to Invest Last of $387 Million Fund in Irish, Finnish Wind

(Bloomberg) — Impax Asset Management Group Plc, a London-based investor, plans to channel the remaining capital from its
second 330 million-euro ($390 million) clean-energy fund into
onshore wind farms in Ireland and Finland.

The recovery of the Irish economy and availability of
project finance debt has made Ireland an attractive country for
investment, Ian Simm, chief executive officer of Impax, said in
an interview in London Jan. 13. It regards Finland as a key
market for wind acquisitions, having already bought two projects
in the country last year from Fortum Oyj.

He declined to say how much of the money is left.

As the investment period for the fund draws to a close,
Impax is considering its options for raising further capital to
steer into renewables, particularly onshore wind, Simm said.
It’s looking at Europe and markets including North America and
Asia, he said. It’s also in the process of selling its wind
portfolio that totals more than 200 megawatts.

“Investors are increasingly disappointed with fixed-income
returns,” Simm said. “The simplicity and predictability of
income streams with assets such as onshore wind is making them
more attractive for institutions to buy.”

Investment in clean energy rose for the first time in three
years in 2014, according to figures published on Jan. 9 by
Bloomberg New Energy Finance. New funds for low-carbon energy
technologies gained 16 percent to $310 billion.

“The market is still attractive for those able to develop
and build onshore wind and solar projects successfully,” Simm
said. “Many pension funds and insurance companies are looking
to invest in reliable, income-producing asset streams.”

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett, Randall Hackley

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