Athens, 14.03.2023
Sirec Energy, a Greece based Private Equity firm, concluded the 2nd and Final Closing of its first Green Fund under the name European Sustainable Investments Fund (‘EuSIF’).
EuSIF, with total Assets under Management of €70m, invests exclusively in Greece in the equity of projects relating to environmental sustainability. More specifically, EuSIF invests in projects that achieve energy saving, energy production from renewable sources and projects of cyclical economy.
EuSIF had its first closing in June 2021 at €50m AuM, and until now it has invested in numerous projects of LED lighting upgrades in Municipalities, that achieve an energy reduction of around 70%, as well as in projects that deploy Solar parks on the roofs of industrial buildings and produce energy which is consumed through net metering. Furthermore, EuSIF has developed a projects’ pipeline that relate to energy upgrade and reposition of existing commercial buildings, development of Solar and Wind parks, energy storage, waste management, production of biofuels etc. Through its equity contribution, EuSIF will participate in projects in the Greek market with a total value in excess of €500m.
EuSIF’s investors are all institutionals from Greece, Europe and the Middle East. More specifically, its investors comprise Banks, Pension Funds, Family Offices and Sovereign Funds. The cornerstone investor of EuSIF is Hellenic Development Bank of Investments (‘HDBI’), the Greek Sovereign Fund of Funds. HDBI’s participation was catalytic for the formation of EuSIF. Additionally, Mubadala Investment Company, an Abu Dhabi-based sovereign investor managing a $284bn global portfolio, made a commitment as part of its co-investment partnership with HDBI.
Sirec Energy is the Manager of EuSIF and at the same time participates with a considerable amount from its own capital to the Fund. Sirec Energy is an independent, partner owned Private Equity Firm. Its was established in 2019 by Messrs. Dionissis Alissandratos, Evangelos Bardis and Leonidas Vergos. The team comprises 9 professionals with extended track record in private equity transactions, energy projects and real estate investments.
Reed Smith acted as the Legal Advisor to EuSIF and Deloitte as its Tax Advisor.
About Sirec Energy Capital Partners
Sirec Energy is an independent Private Equity Firm, managing the European Sustainable Investment Fund (EUSIF) with €70m assets under management and a focus on investing in environmental sustainability and energy efficiency projects.
Since its establishment in 2019, the team has managed projects of more than €400m in energy efficiency and renewable energy production across seven European countries.