€329m close of TCW's European Clean Energy Fund

'Rapidly increasing demand for clean energy sources makes the launch of this fund very timely,' said R Blair Thomas, group managing director and head of TCW's Energy and Infrastructure business. 'Power market deregulation, technology advances, climate change concerns, and the passage of the Kyoto Protocol have all contributed to deepening the political and social commitment to clean energy projects in Europe, and provide an attractive investment environment for ECEF.'

TCW is the Fund's investment manager. Swiss Re is the anchor-investor and carbon advisor.

Providing mezzanine and private equity capital, the new fund will target power projects with attractive cash flows and expected returns. It also will seek out projects that generate carbon credits and/or tradable renewable energy certificates. The United Nations Economic Commission for Europe awarded the fund a mandate under the Energy Efficiency 21 Project. This qualifies the fund as an accredited investment vehicle within the UN system, which allows the fund to participate in special project financing initiatives and to receive UN grant money for Kyoto Protocol and climate change related projects.

Founded in 1971, The TCW Group is a subsidiary of Société Générale Asset Management, which has approximately $460bn under management.

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