The Triodos Renewable Energy Fund is launching a major new share issue in order to raise £8.5m for investment in renewable energy projects and companies.
Triodos Renewables is managed by Triodos Bank, which has so far financed over 200 renewable energy projects across Europe. The combined capacity of its operating projects is now 23.45MW, increasing almost sevenfold over the past three years.
‘The renewable sector is a strong growth industry. Maturing technologies like wind energy are making real headway, as pioneering technologies like tidal come on-stream,’ said James Vaccaro, managing director of Triodos Renewables. ‘The UK has been slow to take advantage of the commercial and environmental opportunity that the renewables industry presents but with the government target of 15 per cent of electricity supply to come from renewable energy by 2015 the UK must catch up.’
‘This new share issue means we can continue to build our asset base and invest in a variety of exciting sustainable energy projects,’ added Vaccaro. ‘These include acquiring existing and planned sites, working with industry to provide a sustainable energy supply from brown field sites and developing partnerships to build new projects.’
Triodos Renewables’ expanding portfolio includes new technologies such as an investment in Marine Current Turbines, a tidal energy company whose first commercial turbine will begin operating off the coast of Northern Ireland later this year; ‘Gulliver’, a single wind turbine on Lowestoft’s industrial coastline and Connective Energy, which is a joint venture between Triodos Renewables, Doosan Babcock and Carbon Trust Enterprises, developing ways to capture and re-use waste heat from industry.