Investment & Fund Management
The European Investment
Full Credential Description
The European Investment Fund (EIF) has committed 100 million to the Prime Green Energy Infrastructure Fund II (PGEIF II), managed by Germany-based Prime Capital AG, to enhance the development of renewable energy in the Nordic countries, specifically targeting projects in Sweden, Finland, and Norway. This investment is part of a broader initiative backed by the InvestEU programme, aimed at promoting renewable energy sources such as onshore wind power and green hydrogen.
PGEIF II, which has a total fund size of 313 million following EIF's investment, focuses on clean-energy infrastructure, including onshore wind farms and energy storage solutions. The fund's strategy leverages the excellent wind resources in Scandinavia, where Prime Capital has established a strong portfolio in the onshore wind market. The previous fund managed by Prime Capital successfully deployed its capital within two years, achieving returns significantly above target, which has helped attract further investor interest, including from the EIF.
The investment aligns with the EU's REPowerEU initiative, which seeks to reduce dependence on fossil fuels and accelerate the green transition. PGEIF II is categorized as an Article 9 fund under the EUs Sustainable Finance Disclosure Regulation, indicating its exclusive focus on sustainable investments that contribute to the EUs climate and energy goals. The fund also supports energy-transition technologies, including energy storage and green fuel production, thereby enhancing Europes energy independence and contributing to the fight against climate change.