Fund second closing

15 May 2006 09:26

Impax Group PLC15 May 2006 15 May 2006 Impax Group plc (IPX) announces Impax New Energy Fund increases to €97 million following successful second closing Impax Group plc ("Impax"), the AIM-quoted environmental investment specialist,today announced a €37 million second closing of its private equity fund, ImpaxNew Energy Investors LP ("the New Energy Fund"). The fund aims to exploit thesignificant investment opportunities in Europe arising from the legally bindingEuropean targets for renewable energy supply. This second closing increasestotal commitments to the New Energy Fund to €97 million. Impax, assisted by Dresdner Kleinwort Wasserstein, the lead placement agent,will continue to market the fund to new investors with the aim of reaching thetarget fund size of at least €125 million. A third and final closing for thefund is planned for summer 2006. Ian Simm, Impax Chief Executive, commented: "The investment climate forrenewable energy has never been more favourable and large institutionalinvestors are increasingly seeking exposure to it. This expansion of our fundtargeting renewable energy projects is a welcome endorsement of Impax and itsinvestment team." The New Energy Fund is supported by Dexia Credit Local, the sponsoring investorand a leading provider of finance to the energy and infrastructure sectors inWestern Europe. Other investors in the fund include British Airways PensionFund, Co-operative Insurance Society, Universities Superannuation Scheme andSouth Yorkshire Pensions Authority. The fund's investment team is led by Peter Rossbach, Director of Investments,who has 20 years' experience financing projects in this sector. Peter Rossbach commented: "Our work with Dexia and with contacts on theContinent has produced a robust deal flow for the fund, particularly in thewind, solar and biomass sectors, and we have already pre-selected a significantnumber of projects for investment." The New Energy Fund is managed by Impax Asset Management Ltd, a wholly-ownedsubsidiary of Impax Group plc. The second closing of the New Energy Fund takes Impax's total funds undermanagement and advisory to over £350 million. For further information, please contact: Keith Falconer, Chairman - 07747 066637 Ian Simm, Chief Executive - 020 7434 1122 Peter Rossbach, Director of Investments - 020 7434 1122 This information is provided by RNS The company news service from the London Stock Exchange