Aviva creates €500M fund for European cleantech

Insurance giant plans to attract investment for growth-stage companies in solar photovoltaic, geothermal, biomass, biogas and wind.

The U.K.’s Aviva Investors announced plans to raise a €500 million ($625 million) fund for cleantech investing in Europe.

Aviva Investors Chief Executive Alain Dromer said the company is looking for institutional investors for the Aviva Investors European Renewable Energy Fund, which is expected to focus on countries new to the cleantech sector. He made the announcement at the TBLI (Triple Bottom Line Investment) conference on sustainable investment in Amsterdam.

"Better long-term investment returns come from companies that are well governed and with responsible management practices," Dromer said.

Aviva Investors is the asset management arm of Aviva, the world’s fifth largest insurer.

The fund is planned for biomass, biogas, geothermal, solar and wind projects that will then be managed by German developer SachsenFonds Group.

Investment rounds are expected to be €30 million to €75 million

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