EBL launches 1 GW renewable energy fund with over EUR 100 million for Europe's energy transition
The energy supplier EBL (Genossenschaft Elektra Baselland) has taken a significant step on its way to establishing a 1-gigawatt fund portfolio in electricity production from renewable energy sources (RES). In a successful first financing round of the ESG Art. 9 RES infrastructure fund, the company has already secured over EUR 100 million for this project.
Dominique Becht, Head of Securities at the Abendrot Foundation, explains the decision to invest: "Like us, EBL focuses on long-term values. As an industrial partner, it is extremely credible and as an energy supplier it is rooted in the region. We are convinced that this is an advantageous and sustainable investment opportunity for our pension fund." Tobias Andrist, CEO of EBL, also emphasizes: "Our long-term commitment to the energy transition and our partnerships with professional and institutional investors make us a trustworthy point of contact for sustainable investments in the energy sector. We plan to accept a further EUR 50 to 100 million at the second closing in 2024 and warmly invite qualified investors to become part of this pioneering initiative."
As the initiator, EBL itself will hold an equity stake of 10-20%. The plan is to invest in 20-25 ready-to-build projects in the areas of solar energy, onshore wind power and energy storage, with a focus on medium-sized ground-mounted PV plants in Germany and Spain. By focusing on sustainable technologies, the infrastructure fund meets the requirements of the EU Sustainable Finance Disclosure Regulation (SFDR) and thus makes a valuable contribution to the UN Climate Change Conference's Paris Agreement goal of limiting global warming.
The first closing of the fund has already seen commitments from anchor investors amounting to over EUR 100 million. These funds will be immediately converted into corresponding investments by EBL Infrastruktur Management AG. In addition, EBL is continuing to make advance investments and is investing a further EUR 110 million as a group in a development pipeline specifically dedicated to the fund. 1 GW of this pipeline has already been secured.
EBL has stood for security of supply since 1898 and has been firmly committed to ecological energy generation for over a decade. In addition to supplying energy in the Basel region and other cantons, EBL RES operates power plants in the canton, in Switzerland and in other European countries. With the construction of a CSP power plant in Spain, EBL has been investing in renewable energies together with other qualified Swiss investors since 2010. EBL Fernwärme AG, founded in 2012, has invested in five Swiss district heating systems, raising 49 million Swiss francs in the process. EBL Wind Invest AG has raised EUR 117 million from six other Swiss investors and invested this in 14 onshore wind farms with 130 MW in Germany. EBL's extensive experience in portfolio management has prompted it to think ahead and have the EBL subsidiary EBL Infrastruktur Management AG licensed by FINMA as a manager of collective assets at the beginning of 2023.
Source: www.ebl.ch
