UK renewables outfit Low Carbon and energy trader Vitol have set up a fund targeting onshore and offshore wind power assets across Europe.
VLC Renewables has an initial allocation of €200m and will invest in projects at late-stage development, under construction and in operation.
Vitol has committed the €200m and the partners said the fund may also offer opportunities for third-party investors in the future.
Low Carbon chief executive Roy Bedlow 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.
“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.”
Vitol’s Simon Hale said: “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.”
Earlier this year, Vitol and Low Carbon formed a joint venture VLC Energy to develop energy storage projects in the UK.
Image: reNEWS
Vitol, Low Carbon target offshore
By EBS