17.07.18

Vitol and Low Carbon close Renewables Fund

Fund to commence investment in renewable energy projects

17 July 2018. Low Carbon and Vitol today announce the closing of a Jersey-based fund, VLC Renewables ⃰, focussed on generating significant investment into renewable energy assets across Europe.

With an initial €200m allocation, the Fund will invest in European renewable energy generation projects and will be managed by Low Carbon.

It will initially target investments in both onshore and offshore wind and will invest in projects at various stages of the development cycle, including late stage development, construction and operation.

The Fund builds on Low Carbon’s considerable expertise in renewables and Vitol’s understanding of energy markets and commodity flows. The initial €200m 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.”

“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, Investments at 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.”

ENDS

NOTES TO EDITORS:

⃰ VLC Renewables Fund 1

VLC Renewables – www.vlcrenewables.com

 

Low Carbon

Low Carbon is a privately-owned investment company committed to the development and operation of renewable energy power production. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar, wind, waste to energy, combined heat and power, energy storage and energy efficiency. Low Carbon has a proven track record in the development, construction, financing and management of renewable energy assets. For UK solar alone, Low Carbon has funded more than 320MW. Low Carbon remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties (unlisted and listed).

www.lowcarbon.com

 

About Vitol

Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.

Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 18mm3 of storage across seven continents, 480kbpd of refining capacity and 5,000 service stations across Africa, Australia, Eurasia and in Northwest Europe. Revenues in 2017 were $181 billion.

www.vitol.com