Vitol and Low Carbon form €200mn joint fund for renewables
The Switzerland-headquartered oil trader, Vitol, has partnered with the renewable energy investment firm, Low Carbon, to launch a fund.
The fund, dubbed VLC Renewables, will invest in renewable energy assets, Reuters reported.
VLC Renewables has been launched with an initial allocation of €200mn (US$232.9mn) and will target onshore and offshore wind projects.
“By 2025 almost 27 percent of European electricity will be generated from wind and solar,” commented Simon Hale, a member of the Investment team at Vitol.
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“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.”
Low Carbon has bee responsible for investing in a variety of renewable energy and energy efficiency projects, such as solar, wind, waste-to-energy, and combined heat and power projects.