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(Via our content partner FINalternatives): Fortis Investments has launched a clean energy fund with initial assets of US$70.6 million from Fortis Bank. The Clean Energy Fund has a fundraising target of US$565 million.

The fund will invest mostly at the project level in clean energy, with particular focus on wind, small hydro, solar photovoltaic and biomass. While its reach will be global, including opportunities in Brazil and India, the fund’s core portfolio will be European clean power generation assets.

According to a firm spokesman, the vehicle is an infrastructure fund that focuses on assets with long-term predictable cash flows.

“The fund has a preference to take 100% ownership positions and seeks debt financing on an investment by investment basis,” he said. “The renewable energy market is very attractive to investors who want to diversify their portfolios away from hydrocarbons and to provide a hedge against fossil fuel market volatility.”

The minimum investment for the fund is US$5 million.

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