New fund formed to invest specifically in renewable energy  

2008.03.06
A new fund called Proark Energy has been set up with the aim of investing up to DKK 16bn in renewable energy over the next three to four years
A new Danish energy fund called Proark Energy has been set up with the aim of investing up to DKK 16bn (USD 3.3bn) in renewable energy over the next three to four years, writes financial daily newspaper Børsen. Among the owners of Proark Invest are Bella Center, Ejendomsinvest and Basis Bank.
 
70% of the cash is expected to go into wind farm projects in western and central Europe, with the remainder targeted at projects in solar power, thermal energy and biogas. Limited investments will also be made in wind energy markets in southern and eastern Europe.
 
Proark's founder Michael Kaa Andersen told Børsen: " We have been working with the fund for the last six months and expect that the money will materialise. Half of the pension funds and institutional investors we have spoken with have already set aside for investments in renewable energy. They are aware of the political momentum and have been waiting for an opportunity like this."
 
Proark has hand-picked some well-known names from the Danish business world to lead the new fund. Chairman of the board will be Torben Bjerre-Madsen, formerly CEO of NEG Micon (now part of Vestas), and the CEO will be Eric Seem, formerly senior project manager at HSH Nordbank.

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