The commitment by the European Investment Fund is backed by the InvestEU programme, which aims to unlock €327bn in green investments by 2027.
The European Investment Fund (EIF), which specialises in equity investments in small and medium firms (SMEs) and mid-cap companies, has committed €75m to a Spanish sustainable infrastructure fund, taking its total fundraise to €230m.
The Serena Infra II SCA SICAV-RAIF fund, which is managed by Madrid-based infrastructure fund manager Serena Industrial Partners, invests in early-stage companies in sustainable mobility, water, social or digital infrastructure. It also focuses on energy transition projects, such as biogas, biomass or energy efficiency. The Serena fund plans to make between 8 and 10 investments across Europe, with ticket sizes ranging from €25m to €30m.
“Through this operation with Serena Infra II, the EIF is encouraging investment in sustainable transport infrastructure and energy transition. These are essential in the shift towards a low-carbon economy in which people can enjoy more sustainable and efficient modes of transport,” said EIF CEO Marjut Falkstedt.
The EIF, which is part of the European Investment Bank Group, helps European microenterprises and SMEs access finance by providing venture and growth capital, guarantees and microfinance instruments.
Serena Industrial Partners manages €1.8bn of assets in six European countries in the mobility, environment and social and digital segments, alongside its industrial partners.
Its projects include the development of a high-speed railway line between the Portuguese cities of Porto and Lisbon, the modernisation of the Paris-Beauvais airport and the operation and maintenance of an irrigation network in the Navarra region of Spain. The firm is mainly backed by institutional investors, including the EIF and Spain-based Fond-ICO, a public venture capital and private equity fund of funds.
“The EIF investment highlights Serena’s work as a manager that invests in sustainable infrastructure projects that are essential to society, generate long-term value and foster more resilient economies,” said Joaquin Camacho, managing partner of Serena.
