Impax Group plc (IPX) announces Impax New Energy Fund increases to €97 million following susessful second closing
Monday, May 15, 2006
Impax Group plc ("Impax"), the AIM-quoted environmental
investment specialist, today announced a 37 million euro second
closing of its private equity fund, Impax New Energy Investors LP
("the New Energy Fund"). The fund aims to exploit the significant
investment opportunities in Europe arising from the legally binding
European targets for renewable energy supply. This second closing
increases total commitments to the New Energy Fund to 97 million
euros.
Impax, assisted by Dresdner Kleinwort Wasserstein, the lead
placement agent, will continue to market the fund to new investors
with the aim of reaching the target fund size of at least 125
million euros. A third and final closing for the fund is planned
for summer 2006.
Ian Simm, Impax Chief Executive, commented: "The investment
climate for renewable energy has never been more favourable and
large institutional investors are increasingly seeking exposure to
it. This expansion of our fund targeting renewable energy projects
is a welcome endorsement of Impax and its investment team."
The New Energy Fund is supported by Dexia Crédit Local, the
sponsoring investor and a leading provider of finance to the energy
and infrastructure sectors in Western Europe. Other investors in
the fund include British Airways Pension Fund, Co-operative
Insurance Society, Universities Superannuation Scheme and South
Yorkshire Pensions Authority.
The fund's investment team is led by Peter Rossbach, Director of
Investments, who has 20 years' experience financing projects in
this sector.
Peter Rossbach commented: "Our work with Dexia and with contacts
on the Continent has produced a robust deal flow for the fund,
particularly in the wind, solar and biomass sectors, and we have
already pre-selected a significant number of projects for
investment."
The New Energy Fund is managed by Impax Asset Management Ltd, a
wholly-owned subsidiary of Impax Group plc.
The second closing of the New Energy Fund takes Impax's total
funds under management and advisory to over £350 million.
For further information please contact:
| Keith Falconer, Chairman |
07747 066 637 |
| Ian Simm, Chief Executive |
020 7432 2619 |
| Peter Rossbach, Director of Investments |