Only a few European fund managers have found success in the booming US clean energy market. The UK’s InfraRed set up a New York office in 2010 but it is a new partnership with Canadian insurer Sun Life that has the potential to invest billions in the sector and reverse the trend. Brendan Malkin reports
For years, European fund managers have been dreaming up inventive ways to crack the vast US renewables market.
A decade ago, Swiss manager Capital Dynamics, a forerunner in the sector, launched a US solar fund, one of the few to have ever done so. Fast-forward to 2018, Danish clean energy manager Copenhagen Infrastructure Partners launched a New York office in style, arranging for its preferred legal and financial advisers back home (Bech-Bruun and FIH Partners) to also open offices in the US city.
Last year, Dutch manager DIF Capital Partners acquired a Canadian developer, BluEarth Renewables, from whose base in Calgary the two investors hope to push into US renewables. Then, just before Christmas, it was the turn of UK manager InfraRed Capital Partners, which has had a New York office since 2010, to try something different.