Triodos Renewables Plc, the clean-energy arm of the Netherlands’s Triodos Bank NV, plans to start a successor to its Ampere Equity Fund this year, targeting “hundreds of millions” of euros for renewable power.
Institutions that Triodos has talked with are “very interested” in infrastructure areas such as offshore wind, James Vaccaro, director at Bristol, U.K.-based Triodos Investment Management, said in a phone interview.
Pension funds and institutional investors “are interested in this area and we are well-placed to facilitate investments,” Vaccaro said. “The U.K. offshore wind market is particularly interesting and with our successful experience investing in the Walney project, these are the sorts of projects a successor to the Ampere fund would be looking at.”
Triodos and the Dutch pension fund manager PGGM NV in 2010 bought a 24.8 percent stake in the 367-megawatt Walney offshore wind project from Dong Energy A/S for 16 million pounds ($25 million).
The European Union is aiming for 20 percent of its energy to come from renewable sources by 2020. The U.K., pushing for a 15 percent share, is planning to build 18 gigawatts of offshore wind by 2020 from about 2 gigawatts now.
The successor to the 320 million-euro ($425 million) Ampere Equity Fund might not be structured as a fund because investors want more direct involvement and control, Vaccaro said.
Triodos is also looking to raise about 15 million pounds in the second half to invest in land-based wind and solar projects of 5 megawatts to 20 megawatts, he said.
“In a way, solar is more attractive than wind now,” Vaccaro said. “The economics of solar are just so much better than they were last year -- it’s better from a sustainability point of view, carbon saved, pound-spent basis and that makes it politically less sensitive.”