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Cleantech fund nets £5 million

By on June 17 2008

Triodos Renewables Energy Fund has raised £5 million in the first month of its current share issue. The fund, which aims to raise net proceeds of £8.5 million, will be invested directly in renewable energy projects and companies.

James Vaccaro, MD of Triodos Renewables, comments: ‘The money raised in the first month of this share issue alone shows the enormous public appetite for clean, green investment.’

The fund, which is managed by Netherlands-based ‘ethical’ bank Triodos, was established in 1995 as The Wind Fund in response to the Chernobyl nuclear disaster. Its portfolio includes eight investments with a total capacity of 23.45 MW, saving approximately 60,000 tonnes of carbon dioxide emissions.

Before the current share issue opened, the fund had assets of £8.35 million. An investment in the fund’s last share issue in 2005 would have returned 22.9 per cent over the past three years, according to figures provided by Triodos.

The fund is not listed on a conventional exchange, but shares can be traded directly between private buyers and sellers via a regular matched bargain market.

The current share issue closes on 30 June.

Is cleantech just another bubble? Find out here.

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