Low Carbon and Vitol have closed their Jersey-based fund, VLC Renewables, which is focused on generating significant investment into renewable-energy assets across Europe.
With an initial €200 million ($233 million) allocation, the fund will invest in European renewable energy–generation projects.
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 €200 million ($233 million) has been committed by Vitol, and investment opportunities may be offered to third parties.
“By 2025, almost 27 percent of European electricity will be generated from wind and solar,” said Simon Hale, investment director, at Vitol. “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.”