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Ardian Clean Energy Evergreen Fund
Key Statistics
Fund Size
€1,000M
Target Return
N/A
Annualized Return
N/A
Launch Year
2022
Min. Investment
N/A
Availability
Open through selected distributors
Structure
N/A
Product Category
Open-end
Domicile
France
GP Type
Single
Liquidity Level
Low (5+ years)
Management Fee
N/A
Carry
N/A
High Water Mark
No
Currencies
EUR
Investor Eligibility
Professional
Liquidity Options
Open
Highlights
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
Ardian’s Permanent-Capital Renewables Platform
Ardian Clean Energy Evergreen Fund (ACEEF) was the first open-ended fund established by Ardian, and the first dedicated entirely to the energy transition. Launched in early 2022, it reached €1.0 billion at its close in July 2023 and has kept investing since: by January 2026 the portfolio comprised 1.5 gigawatts of operating capacity across five platforms — an Italian portfolio of around 500 megawatts of wind, solar, hydro and biogas, the Nordic independent power producer Enordic Evergreen, UNITe in France, onshore wind in Germany and Spain, and a 76-megawatt solar portfolio in Uruguay. The latest transaction, closed in January 2026, was the purchase of a 62-megawatt Swedish wind farm from ERG.
Key Figures (January 2026)
Operating Capacity
1.5 GW
Across 5 platforms
Raised
€1.0B
Close July 2023
Launched
2022
Ardian’s first open-ended fund
SFDR
Article 9
Environmental objective
Technologies
Solar, wind, hydro
+ biogas, biomass, storage
Investors
Professional
No retail class
Strategy and Terms
The investment approach is core-plus renewable infrastructure, with solar, wind and hydro as the core and biogas, biomass, storage and energy efficiency as emerging technologies. Assets are held in a permanent vehicle, which allows for long-term development and re-contracting over decades, as opposed to the typical fund life cycle that ends with the sale of everything at closure. The fund is classified under SFDR Article 9 with an explicit environmental objective. It is open to professional investors only: there is no retail share class, fees and return targets are not published, and Fundscouter treats liquidity as long-term with no regular redemption window.
Portfolio Platforms (press releases)
| Italy | ~500 MW wind, solar, hydro, biogas incl. ICQ Holding (198 MW, Sep 2023) |
| Nordics | Enordic Evergreen, 100% ACEEF-owned IPP; Furukraft 62 MW wind (Sweden, Jan 2026) |
| France | UNITe, renewable energy producer |
| Germany / Spain | Anchor onshore wind investment; consolidated Spanish wind farms (from Mutua Madrileña) |
| Uruguay | 76 MWp operating solar portfolio |
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