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UPDATE 1-Platina sells assets in wind power fund for 40 pct return
June 20, 2013 / 12:43 PM / in 4 years

UPDATE 1-Platina sells assets in wind power fund for 40 pct return

* Platina sells remaining UK wind assets in fund portfolio

* Secures gross IRR of over 40 pct

LONDON, June 20 (Reuters) - London-based investment firm Platina Partners said it had sold all the assets in its 2005 wind energy fund and closed it after securing a gross internal rate of return of more than 40 percent.

Platina, with around 500 million euros ($670 million) of equity under management, focuses on investments in renewable energy infrastructure projects.

The fund, named Mistral Windfarm 1, was worth 56 million euros when it was launched in 2005, a company spokesman said.

The fund had owned a total of 105 megawatts (MW) of operational wind sites in Britain and France.

Platina sold 36 MW of French assets from the fund in 2008. It has now sold its remaining five British wind sites, with a total capacity of 69 MW, to an unnamed buyer.

Platina declined to disclose exactly how much money investors received at the fund’s close.

“We believe this is the first time that any European GP (general partner) has successfully completed a full cycle on a renewable energy fund, having delivered an outstanding return for our investors,” Thomas Rottner, managing partner at Platina, said in a statement.

Platina will continue to make acquisitions in the wind and solar sector, the firm said.

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