Norwegian manager Verdane has dipped into its €300 million debut impact fund to invest up to €26 million in UK-based solar company UrbanVolt, according to a statement.
UrbanVolt operates a “solar-as-a-service” model whereby it is contracted by clients to finance, install and maintain solar energy products. It also offers power purchase agreements, which allow businesses to guard against fluctuating energy costs by locking into a fixed rate for 30 years.
Idun, Verdane’s debut impact fund, closed in January 2022 on €300 million, having received commitments from Swedish pension fund AP3, Adams Street Partners, clients of investment consultant Mercer and Norwegian state climate investment fund, Nysno, among others. Ten percent of Verdane’s carry is contingent on attaining impact KPIs set for each portfolio company upon investment.
The fund has made 11 investments, including in ADHD assessment provider Qbtech and mobility aid producer TOPRO, as well as circular economy furniture subscription business Nornorm. Verdane declined to comment on how much of the fund’s capital had been deployed.
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