We expect to use these funds to grow our wind and PV solar pipelines in the United States, South America and Europe - Pedro Barriuso
Madrid, Spain (PRWEB) February 01, 2012
Element Power, a leading global developer, owner and manager of wind and solar power projects, announced today that it has successfully closed its co-investment fundraising process, raising an additional $183 million of capital commitments. Advisors were Credit Suisse and Eaton Partners in the United States and Deutsche Bank in Spain. The $183 million includes commitments from institutional investors, sovereign wealth funds and Spanish investors.
“We are extremely pleased with the success of this co-investment fundraising process, which clearly demonstrates that investors recognize Element Power is well positioned to take advantage of wind and solar power project development opportunities in today’s market,” said Pedro Barriuso, Executive Chairman of Element Power. “We expect to use these funds to grow our wind and PV solar pipelines in the United States, South America and Europe, where we continue to find attractively priced opportunities that offer compelling risk adjusted returns.”
Element Power, a portfolio company of Hudson Clean Energy Partners, achieved several major milestones in the last year that have contributed to the company’s forward momentum. Last November, the company announced that it had completed its Macho Springs Wind Project in Deming, New Mexico and is selling the output to Tucson Electric Power under a long-term power purchase agreement. In addition, the company announced the appointment of Paolo Pietrogrande, former head of Enel Green Power, to lead Element Power Solar, a standalone business segment focused on capitalizing on significant global opportunities in markets where PV solar has sustainable growth potential based on prevailing electricity prices and solar resource.
Deutsche Bank Spain
Element Power was established in 2008 with leading industry professionals to develop, finance, construct and operate renewable energy projects globally. Element has offices throughout Europe and North America with highly experienced teams focused on developing wind and solar projects alone and under joint venture. For more information about Element Power visit http://www.elpower.com
Hudson Clean Energy Partners
Hudson Clean Energy Partners is a private equity firm that invests in the dynamic and fast-growing clean energy market. Hudson invests in companies focused on renewable power, alternative fuels, and energy efficiency and services. Hudson’s investment strategy focuses on high-growth, asset-based segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, biomass and other renewable sources. Further information about Hudson can be found at http://www.HudsonCEP.com.