Independent fund and corporate services provider, the Aztec Group, has been selected to administer the Jersey-based VLC Renewables Fund.
VLC Renewables will invest in European renewable generation projects. Primarily focused on onshore and offshore wind energy, it will target projects at various stages of the development cycle, including late stage development, construction and operation.
The fund, which builds on Low Carbon’s considerable expertise in renewables, has an initial EUR200 million commitment from Vitol and investment opportunities may be offered to third parties.
Having supported with the set-up and establishment of the Fund, including its incorporation and relevant regulatory and compliance requirements, the Aztec Group will provide accounting, administration and a range of complementary services to the investment structure from its Jersey office. Aztec Group currently administers over EUR290 billion for more than 300 funds and 2,600 entities across six leading jurisdictions.
Paul Conroy (pictured), Director and Head of the Group’s Real Assets team in Jersey, says: “Renewable energy is certainly an exciting industry to be involved in at the moment as the appetite for investment opportunities in this sector continues to grow.”
“We’re naturally delighted with our appointment. Our dedicated real assets team has extensive experience in supporting joint venture projects, particularly in the infrastructure space, so to be given the opportunity to apply these credentials to this specialist market is something we are all very much looking forward to.”