TERTIARIES GREEN H2
Our Passion & Mission
Tertiaries Financial insvestment, the General Partner, represents a joint-partnership between Tertiaries Financials 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.
Our Goal
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 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%.
Tertiaries Financials contributes to the business with much more than just capital. They also contribute with their ideas, the strategy and the experience at the service of the company, what is known as ‘smart money’. This is a great value-added.
Leon Moreau Head Europe Business Development