Renewable energy specialist Q-Energy has sealed a €1.1bn final close for its fourth fund, well above its in initial €800m target.
Q-Energy launched the fund into the teeth of the coronavirus pandemic in May last year, but had hit a €360m first close within two months.
More than 90% of the firm’s existing fund backers re-upped for Q-Energy IV, the firm said.
Fund IV will focus in developing new renewable plants, the repowering and modernisation of assets at the end of their useful life, as well as on securing the operational and financial optimization of large plants in countries within the European Union.
Q-Energy said the fund would also undertake other investments related to the energy transition such as energy storage, grid network management, hydrogen production and biofuels.
The firm has already invested or commited about 60% of the fund to wind, solar photovoltaic or concentrated solar projects projects located in Germany, Poland, Italy and Spain.
It currently owns an aggregate of more than 400MW capacity in operational assets, in additional to a portfolio of assets under development of more than 8GW. The management team expects the Fund to be fully invested by the end of next year.
Q-Energy has invested more than €8.5bn into the sector since it was founded, and has an overall portfolio under management of solar assets in operation of 1.2GW.
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