Swiss Re announces final close of EUR 329 million European Clean Energy Fund
12 April 2007, Zurich
Swiss Re announces the successful close of the EUR 329 million European Clean Energy Fund, one of the largest funds of this type in Europe. The Fund, a UN accredited investment vehicle, provides capital to European clean energy projects, which are environmentally beneficial, generate carbon credits or tradable renewable energy certificates.
The European Clean Energy Fund raised EUR 329.2 million from institutional investors in Europe, Canada and the United States. The Fund provides mezzanine and equity capital to a host of environmentally-friendly initiatives, including wind, solar, hydro-electric, geothermal and waste-to-energy projects.
Swiss Re is the anchor investor in the Fund and acts as carbon advisor for the selected projects. The Fund was placed in Europe by Swiss Re's affiliate, Conning Research and Consulting. TCW, an indirect subsidiary of Société Générale, is the Fund's investment manager.
Jacques Aigrain, Swiss Re's Chief Executive Officer, said, "The launch of the European Clean Energy Fund is part of Swiss Re's commitment to the Clinton Global Initiative and another important step in our approach to tackle the issue of climate change. This Fund not only contributes to the progress of clean energy projects, it also aims to provide attractive returns to investors, while enhancing Swiss Re's expertise in the environmental markets business, both in investments and carbon market services."
Walter Blasberg, Conning's Head of Client Business Development, commented, "The European Clean Energy Fund was attractive to investors because of its strong and skilled sponsors, its potential to offer healthy returns and the opportunity to allow investors to make a difference in the environment."
The United Nations Economic Commission for Europe awarded the Fund a mandate under the Energy Efficiency 21 Project. This qualifies the Fund as an accredited investment vehicle within the UN system, which allows the Fund to participate in special project financing initiatives and to receive UN grant money for Kyoto Protocol and climate change related projects.
Notes to editors
Swiss Re is the world's leading and most diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzer-land, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
Conning & Company
Conning & Company, founded in 1912, is one of the leading global providers of asset management services and insurance industry research. Conning's services include: (1) integrated investment management solutions ($67.8 billion under management at year-end 2006), (2) comprehensive insurance industry research, and (3) strategic financial consulting. The company is headquartered in Hartford, Connecticut with additional offices in London, Dublin and Hong Kong. Conning is owned 100% by Swiss Re. Conning Research and Consulting is the broker-dealer affiliate of Conning.
Founded in 1971, The TCW Group develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $150 billion in assets under management. TCW clients include many large corporate and public pension plans, financial institutions, endowments and foundations, as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of SociÃ©tÃ© GÃ©nÃ©rale Asset Management, which has approximately $460 billion under management. TCW's Energy & Infrastructure Group is one of the leading providers of institutional capital to the energy sector globally with more than $7.4 billion of capital invested in more than 190 energy projects and companies in 22 countries.
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