Climate Change Capital closes Ventus funds

UK investment manager, Climate Change Capital, closed a fund raising of GBP 22.3m (USD 41.1m) on 31 May 2006 for Ventus 2 VCT plc and Ventus 3 VCT plc.

Charles Conner, investment manager for the Ventus funds, said, "We are very pleased to have raised GBP 22.3m (USD 41.1m). This surpasses our 2005 fund raising for Ventus VCT by over GBP 8.0m and brings the total capital of the Ventus funds to GBP 37.3m. The Ventus funds now comprise the largest pool of capital exclusively targeting the UK renewable energy sector."

A previous NEF article incorrectly stated that the Ventus funds were AIM-listed, that the offer for Ventus 2 & 3 was announced in March 2006 and that there was a target funding of GBP 30.0m for the Ventus 2 & 3 offer. In fact, the Ventus funds trade on the main market of the London Stock Exchange, the offer for Ventus 2 & 3 was launched in January 2006 and the minimum offering size was GBP 2.0m.

As with the first Ventus fund, the majority of investments will be in companies constructing and operating small to medium sized onshore wind farms, however the new funds also have the scope to invest in companies using other renewable energy technologies such as biomass, hydro and landfill gas.

The funds are specifically targeted at independent developers, with a main focus on small to medium scale developments. The funds also have the flexibility to invest in larger projects and are able to invest in companies whose projects are already operational.

Brewin Dolphin Securities was sponsor and broker for the offering. HSBC was the principle banker, and PricewaterhouseCoopers acted as taxation advisors.

For more information please contact the Communications Team

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Climate Change Capital closes Ventus funds