$46.5 million raised for WRB Serra Partners’ investment in renewable energy, including hydro

WRB Serra Partners has achieved committed capital of $46.5 million through its WRB Serra Partners Fund I, which has been closed.

The fund secured capital from a mix of family office and institutional investors and the U.S. Overseas Private Investment Corporation (OPIC), according to a press release.

WRB Serra was founded in 2015 and is a private equity firm based in Florida, U.S. The company invests in renewable energy, energy efficiency and water infrastructure in Latin America and the Caribbean. The company is targeting investment of US$7 million to US$25 million from the fund and with additional capital from its limited partners.

“We are very excited to have a committed pool of capital dedicated to the Caribbean and Latin America,” said G. Robert Blanchard, Jr., a member of WRB Serra’s partner group. “We are seeing many exciting opportunities that benefit consumers and promote sustainable economic growth in the region.”

According to the OPIC website, the proposed OPIC loan is up to the lesser of $33.3 million or 33.3% of the total fund commitments, and the term of fund is up to 12 years. This fund was chosen through OPIC’s Innovative Financial Intermediaries Program, opened in November 2013 to support financial intermediaries investing in OPIC-eligible countries through pooled investment vehicles containing elements typical of both of OPIC’s direct Finance and Investment Funds programs, but that do not fit squarely within either process.

OPIC says, “The Project is expected to have a positive development in the Caribbean, Mexico, South America and Central America by increasing host countries’ capacity to generate clean electricity.

The company is targeting investments in solar, wind, hydro, and biomass generation, storage, energy efficiency and potable water infrastructure from early stage construction to operating assets. … The Fund is expected to avoid carbon emissions and offset host country reliance on imported fossil fuels.”

It doesn’t appear the company has yet built any hydro but has invested in a solar photovoltaic facility in Jamaica.

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