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Investment Fund with focus on Renewable Energies
Greenvestment, the General Partner, represents a joint-partnership between Genesis Ventures and Bereshit manages CleanTech Ventures Investment Fund (CleanTech Ventures) is a Corporate Venture Capital Fund that was launched on December 2017 and has a 10-year lifespan (with a potential extension of 2 years) and targets a maximum fund size of US$37 million, of which US$18.5 million is being contributed by Strategic LPs and US$18.5 million from CORFO, the Government Sponsored Economic Development Agency.
LPs are strategic investors with a long term commitment with cleantech operations and investments. The main financial incentives for Limited Partners include a leverage of 1:1 quasi-capital commitment from CORFO plus a project finance leverage scheme with up to 50:50 deb-to-equity ratio depending on each particular project.
CORFO’s credit line can be raised to 1.5:1 subject to specific milestones. Thus, the total Fund capacity could raised up to US$46.25 million.
The main goal has been to set up a hands on investment and development fund of greenfield and brownfield non-conventional renewable energy projects, throughout an active participation, leading to successful returns expected between 2x to 2.5x capital invested over a (average) 5-year holding period.
CleanTech Ventures has already deployed capital in four greenfield projects, Candelaria Solar I SpA, Candelaria Solar II SpA, OCHS SpA and El Cruce SpA.
Candelaria Solar SpA, is a greenfield solar PV power plant located in San Francisco de Mostazal, close to Santiago, that compromised with 6 MW, 25% of capacity factor and US$8 million in CAPEX. OCHS and El Cruce are two greenfield Wind farm plant located in Puerto Octay, with 3 MW each one, and 36% of capacity factor and US$4.93 million in CAPEX. Capital being deployed until now achieved $14.87M; while current fair market value reached $57.29M, therefore realized and unrealized returns account for $18.49M with actual investor returns (IRR) of 11.86%.