Vitol, an oil trader based out of Geneva, has partnered with Low Carbon, a U.K.-based investment company, to create a fund focused on investing in renewable energy across Europe.
With an initial EUR 200 million allocation, VLC Renewables 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 experience in renewables and Vitol’s understanding of energy markets and commodity flows, according to the partners. The initial EUR 200 million has been committed by Vitol, and investment opportunities may be offered to third parties.
“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,” says Roy Bedlow, CEO of Low Carbon.
Simon Hale, Vitol’s head of investments, adds, “By 2025, almost 27 percent 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.”
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally. The company’s clients include national oil companies, multinationals, industrial and chemical companies, and airlines.
