Asset managers Amundi and Reichmuth will co-invest up to 265 million euros in a new vehicle from Spain’s Alantra, which aims to raise a total of 1.7 billion euros to invest in photovoltaic solar parks, the three companies said in a statement.
The platform, on which financial services firm Alantra will partner with renewables developer Solarig, will target 50 plants in Italy and Spain with a capacity of 1.9 gigawatts and will be called N-Sun Energy.
Fund managers are betting on companies that are laying the groundwork for a global shift away from greenhouse gases, a shift the International Energy Agency estimates will cost $2 trillion a year by 2030.
N-Sun aims to raise 700 million euros ($752.36 million) in capital and 1 billion in debt. Amundi and Reichmuth will contribute to the capital side, Alantra’s spokesman said.