Statoil Energy Ventures is setting up a $200m fund to invest in clean energy, including onshore and offshore wind and solar power.
Statoil said the fund, which will run for up to seven years, reflects its “aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions”.
The fund is part of the company’s New Energy Solutions division and will also look at investments in energy storage, transportation, energy efficiency and smart grids.
It will be managed by a team of six operating with a global mandate, initially based out of Statoil’s offices in London and Oslo.
The fund will take direct positions primarily as a minority shareholder in growth companies, preferably as a co-investor with other venture firms.
Investment in selected funds will also be considered to gain a wider footprint, Statoil said.
Statoil Executive Vice President for New Energy Solutions Irene Rummelhoff said: “Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.”
Image: Statoil is a joint investor already in the Sheringham Shoal offshore wind farm (Statoil)
Statoil seeks clean partners
$200m fund launched to invest in renewables, energy storage and smart grids
By EBS