UNITED KINGDOM: Augusta & Co alumni form dev cap investment advisor
A group of ex-BlackRock, Generate Capital and Renewable Power Capital employees have formed a new asset manager focused on raising equity for investment into development-stage pipelines across Europe.
Incorporated over the summer, London-based CleanCap Partners has been founded by Rob Putter, formerly a vice president with RPC, Henrik Boge Thu, previously a vice president with BlackRock and Leonard de Riviere, most recently with Generate Capital. All previously worked for financial advisory firm Augusta & Co.
CleanCap is currently in the process of ensuring all FCA regulatory approvals are in place. Once finalised, it is believed to be looking to raise up to EUR 150m for a Luxembourg-incorporated fund that will invest in early development-stage renewables project pipelines, with a first close targeted for H1 2025.
Cleancap Partners will ultimately look to allocate between EUR 10m - EUR 30m per deal, with an initial commitment made for investment in or acquisition of development-stage pipelines and subsequent investments to be made to take projects through to ready-to-build.
Cleancap will look to sell on projects to third parties once they reach RTB, it is understood.
IPPs and strategic investors typically look to both partner with developers on pipelines and then acquire them once at RTB. However, this can often create a conflict of interest, according to Cleancap.
Cleancap, on the other hand, says it is fully aligned with its development partners as it will look for a full exit to third parties once projects have been developed.
The group is understood to already be in talks with over half a dozen developers regarding the acquisition of project pipelines, and will invest across solar PV, onshore wind and battery storage technologies.
The fund will have a pan-European focus, investing across the UK, the Nordics, the Baltics, Spain and Italy, among other OECD markets.
CleanCap is supported by Augusta Investment Management and Ancora Finance LLP with senior members from both firms sitting on CleanCap’s advisory board.
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