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Danish Fund to Raise EUR 375m to Invest in European Wind and Solar Projects

Eric Seem, a former banker at HSH Nordbank, is spearheading a
Copenhagen-based fund that aims raise EUR 375m (USD 565m) from
institutions to invest in renewable energy projects.

Proark Energy Fund will be managed by an offshoot of Danish real
estate firm Proark, and will leverage the EUR 375m raised to be able
to deploy many times that (perhaps as much as EUR 2bn) in projects
in western and central Europe.

Seem, who is chief executive of the Proark Energy management
company, told New Energy Finance that the initial round of
investment would be sought from Danish investors, but that
subsequent rounds would be offered to investors in other countries.
He hoped to have completed the fund raising by September.

He said the fund would focus on taking \"controlling stakes\" in wind
power and solar PV projects: \"We will be buying into permitted,
ready-to-build projects.\"

Seem said that the idea for the fund came from Proark: \"In the
Danish market, there are a number of investors interested in
renewable energy, including professional investors and pension
funds. This is an instrument enabling them to invest in renewable
energy projects.\"

The Invest in Denmark website said that the chairman of the board of
Proark Energy would be Torben Bjerre-Madsen, formerly CEO of NEG
Micon (now part of Vestas).

New Energy Finance