Helios Energy Investments, a private equity fund that invests in renewable energy projects, has raised NIS 320 million from institutional investors, more than three times the NIS 100 million planned, TheMarker has learned.
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Among the investors, TheMarker has learned, were the Migdal, Menorah and Ayalon insurance companies as well as Gilad Pension Fund. The round of financing will enable Helios to leverage up to NIS 1 billion in new investments.
The round was led by the CEO of Migdal Underwriting, Itzik Betzalel, who last week said he planned to step down from his post.
Helios currently manages 16 solar-power installations in various stages of development and is already generating returns to investors. The find is in talks to acquire stakes in several additional projects with the capital it just raised.
Founding managing partners Nimrod Goor and Erez Gissin established Helios Energy Investments in September 2009 with an initial capital of $100 million. Today the fund has stakes in solar and wind-energy projects with generating capacity in excess of 40 MW in Israel, Italy and Romania. The fund's charter allows it to invest up to half of its funds in non-photovoltaic renewable energy projects and up to half in foreign markets. The fund reduces its exposure to risk by investing only in proven technologies.
Goor and Gissin each have more than 20 years of experience in investment, technology and infrastructure. The other partners in Helios are Nathalie Oz, Shahar Ben Moyal and Boaz Sokol.