EIG Global Energy Partners has unveiled the EIG Global Project Fund V to help accelerate the implementation of renewables projects globally.

The new fund has a total commitment of $1.1bn to finance renewable energy and infrastructure projects.

The $1.1bn raised by EIG is nearly 50 per cent more than the Fund’s $750m target.

EIG also raised an additional $1.5bn of commitments in the form of separately managed accounts that will invest alongside Global Project Fund V.

EIG’s CEO, R. Blair Thomas, said: “We are pleased to close GPF V with continued support from our sophisticated global investor base. Capital is oxygen to the energy industry, and GPF V is poised to help meet the robust capital demand for energy and infrastructure projects. In a time of tremendous upheaval, our proven capital-raising and origination capabilities and our global platform position us well for the future.”

EIG President Randy Wade, added: “GPF V allows EIG to build on our 20-year track record indirect lending. With demand for capital high and many traditional sources of capital retreating, the Fund is seeking opportunities in the global transition away from traditional hydrocarbons toward more sustainable energy production. We believe our specialized approach and disciplined underwriting with a focus on sector diversity should position us to continue to generate strong returns through market cycles.”