HSBC raises €117 million toward environmental fund

Environmental Finance reports that HSBC has so far raised €117 million toward its planned €500 million Environmental Infrastructure Fund.

Completing the first round of funding in the current economic atmosphere was “difficult,” a source told Environmental Finance. However, officials remain confident they will be able to complete funding within the coming year.

Announced in March of 2008, HSBC’s Environmental Infrastructure Fund began with a commitment for development funding for Partnerships for Renewables, a venture created by Carbon Trust Enterprises to develop renewable energy projects on public sector land.

Partnerships for Renewables was set up by Carbon Trust Enterprises in 2006 to work in partnership with the public sector to develop, construct and operate renewable energy projects. The partnership aims to develop a 500-megawatt portfolio of renewables projects on public sector land across the UK over the next five years.

The Environmental Infrastructure Fund is managed by HSBC Specialist Fund Management Limited.