UK-based renewable energy investment company, Low Carbon, and energy company Vitol have established the VLC Renewables fund to invest in European renewables projects, with an initial EUR 200 million available for offshore and onshore wind.
The Jersey-based fund will invest in projects at various stages of the development cycle, including late stage development, construction and operation.
The initial EUR 200 million has been committed by Vitol, and investment opportunities may be offered to third parties.
Roy Bedlow , Chief Executive at Low Carbon, said: “We are very pleased to close this new Fund. Partnering with Vitol, one of the largest energy companies in the world, will enable us to drive scale in the investment and development of clean energy.”
“At its core, Low Carbon is committed to tackling climate change and reducing carbon emissions through its long-term investments into the green infrastructure space. We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition,” Bedlow said. “The market has a good mix of proven low carbon technologies and we are seeing strong deal flow for investments across our target sectors. We look forward to working with Vitol in identifying and closing new green infrastructure investments.”
Simon Hale from Vitol said: “By 2025 almost 27% of European electricity will be generated from wind and solar. As a major participant in Europe’s power markets and as a significant investor in energy infrastructure worldwide, Vitol is keen to build a portfolio of renewable investments to complement its existing activities.”