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Laxman Pai, Opalesque Asia: US alternative investment manager AB CarVal, a part of AllianceBernstein, has closed its CVI Clean Energy Fund II (CEF II) with $1.5 billion in total capital commitments to the energy transition strategy.
CEF II focuses on credit and hard-asset investments in the clean energy sector, primarily in North America and Europe, said a media release from the global investment management firm.
CEF II is a continuation of AB CarVal's platform for renewable energy private debt transactions, it said.
The Fund has received commitments from both new and existing limited partners, representing a cross-section of corporate pension funds, sovereign wealth funds, private banks, endowments, foundations, fund of funds, family offices, and high net-worth individuals.
"Rapid growth in renewable energy and a fragmented financing market presents a compelling opportunity," said Jody Gunderson, managing principal with AB CarVal. "The global energy transition is extremely capital intensive, and private investment offers a direct route to participate in projects that are redefining the future of the energy markets and offer solid long-term return potential."
According to the release, the United Nations estimates that $4 trillion must be invested annually to reach net-zero emissions by 2050. Since 2017, AB CarVal has deployed over $4 billion in clean energy investments, including solar and storage hard assets, private financings, solar loans, and solar...................... To view our full article Click here
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