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European pension funds back energy storage fund

SUSI Partners has raised €252m of capital at the final close of its energy storage infrastructure fund.

The Swiss investment manager said SUSI Energy Storage Fund (SESF) received the capital commitments from institutional investors in Germany, the Netherlands, Austria, Sweden and Switzerland at the end of May.

European pension investors backing the fund included Germany’s Versorgungswerk for the district medics’ association in Trier, and VZB, the €1.5bn pension fund for the Berlin dentists’ association.

Other investors included PME, the €68bn Dutch pension fund for the metalworking and mechanical engineering industries, and PKE, the CHF10bn (€8.6bn) pension fund for Switzerland’s energy sector.

Launched in 2017, SESF invests OECD-wide in projects using different storage technologies, whereby technology risks are outsourced by long-term manufacturer guarantees.

The manager said SESF had already completed two investments worth around €90m, and was working on an additional four deals worth another €90m.

Marco van Daele, the CIO at SUSI Partners, said: “We see many interesting investment opportunities with an attractive risk/return profile in this new and fast-growing field.

“Energy storage is a key technology that enables the systemic integration of renewable energy producers and thus contributes significantly to the global CO2 reduction goals.”

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