24 Jul World’s biggest oil trader Vitol to create renewable energy fund
Global energy and commodity trading company Vitol has confirmed it will set up a renewable energy fund in partnership with privately-owned investment company Low Carbon.
Vital is the world’s biggest oil trader, exchanging more than 7 million barrels of crude oil and products every day, but will soon invest in renewable energy assets across Europe through the partnership with Low Carbon.
The green energy fund, named VLC Renewables, will have an initial allocation of US$234 million to invest in European renewable energy generation projects and will initially target investments in both onshore and offshore wind.
“By 2025 almost 27% of European electricity will be generated from wind and solar,” said Simon Hale, Investments at Vitol.
“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’s chief executive Roy Bedlow also commented on the new fund creation: “At its core, Low Carbon is committed to tackling climate change and reducing carbon emissions through its long-term investments into the green infrastructure space.
“We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition.”