Capital Dynamics, an independent global private asset management company, has closed its latest clean energy fund at €521 million (~$508 million) in capital commitments.

The fund — Capital Dynamics Clean Energy Infrastructure IX (CEI IX) – exceeded its target of €300 million (~$293 million) by approximately 75%.

The company has over 30 years of expertise in lower middle-market private equity (primaries, secondaries, direct investing) and private credit.

Capital Dynamics owns and operates over thirty projects with a combined capacity of more than 1 GW in Europe. The company’s renewable energy platform makes direct equity investments in carbon-reducing and clean power-generating projects from late-stage development through commercial operations.

The fund received capital commitments from a large, globally diversified investor base comprising new and existing investors, including pension funds, insurance companies, family offices, and high-net-worth individuals from Europe, Asia, Australia, and the Middle East.

CEI IX invests in subsidy-free renewable energy projects across Europe, aiming to invest in the power sector and capitalize on the growing demand for clean energy sources.

The fund has already invested in a portfolio of eleven assets across ten projects, of which four are ready-to-build assets that are now operational.

Co-Head of Clean Energy at Capital Dynamics Simon Eaves said, “The fact that the fund has exceeded its target speaks to the high level of interest and enthusiasm we have seen from our investor base and the increasing demand for investment vehicles with specific renewables expertise to aid the energy transition. The ongoing effort to decarbonize our energy system underpins the longevity of these clean energy infrastructure technologies, and we are proud of our strong track record investing in the renewables space.”

In May, Capital Dynamics acquired a 100% equity stake in the 18 MW Cliff solar PV project from Solar Ventures, an Italian solar project developer.

According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, new renewable energy and solar-focused funds raised $4 billion in Q3 2022.