Headlines
White Summit secures more than $360 million for decarbonisation fund
Published by Global Banking and Finance Review
Posted on January 10, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on January 10, 2025
By Pietro Lombardi
MADRID (Reuters) - Infrastructure investment firm White Summit Capital has secured commitments of more than 350 million euros ($360.7 million) for an infrastructure fund focused on decarbonisation and expects it to reach its 500 million euro target in coming months.
The fund will invest in smaller storage and renewable projects, as well as those aimed at decarbonising transportation and industries, managing partners Pablo Pallas and Gonzalo Lopez told Reuters on Thursday.
Depending on the deal flow, it can raise up to 750 million euros, they said.
With offices in locations including Switzerland, Spain and Britain, White Summit focuses on investments tied to the green transition. Its portfolio includes Spanish electric vehicle charger firm Zunder and Portuguese biomethane producer Ferbgas Renewable.
The fund will focus on middle-market infrastructure companies that need investments to grow, Lopez said, targeting "mid- to high-teens returns."
He said most infrastructure funds had probably grown too large, and were shunning smaller deals which created "a huge amount of investment opportunities" for deals ranging between 25 million euros and 200 million euros.
Investors in the fund include the European Investment Fund, which has committed 150 million euros, plus other global asset managers and insurance companies.
While declining to disclose names, Pallas said that a U.S. fund manager committed 50 million euros, while two Spanish family offices make up around 10% of the committed money.
White Summit is eyeing a second close in the second quarter and is in talks with Canadian, U.S. and European firms.
Some 40% of the projects the company wants to include in its portfolio will be in the Iberian region, the rest will be in Western European countries.
The firm has already clinched two deals - Powesco, an energy efficiency specialist in France and an Iberian hybridisation and renewable integration platform - which Pallas and Lopez believe validate their strategy.
"Investors want to see the deals, they just don't want to sign a blind check and see what you do the next two years," Pallas said.
($1 = 0.9704 euros)
(Reporting by Pietro Lombardi. Editing by Jane Merriman)