$1.6 billion boost for ethical investing in Jersey
A JERSEY-based Low Carbon Power Fund, has raised over $1.6 billion in investor commitments.
The fund, the first by Quinbrook has attracted institutional investors include pension funds and insurance institutions from the US, UK and Australia.
Carey Olsen acted as one of the fund counsels to Quinbrook, partnering with Oak Group (formerly Consortia) in the Island who administered the fund. Christopher Griffin, partner at Carey Olsen, said the fact that Quinbrook chose Jersey to launch the fund is good news for the Island.
‘The launch shows that Jersey is an ideal jurisdiction to launch institutional grade, global clean-energy funds,’ he said. ‘Jersey’s well used eligible-investor fund regime provides the appropriate level of regulation for big-ticket institutional investors and we expect to see more of these sorts of funds in the pipeline.’
It is hoped that with the increased focus on economic substance, more fund managers and advisers will put down meaningful footprints in the Island, bringing economic benefits and jobs.
The Quinbrook fund has made seven portfolio investments to date, including utility scale onshore wind and solar PV, battery storage, gas peaking and reserve capacity as well as ‘smart grids’ and embedded networks.
The Carey Olsen team included, Sarah Townsend, Calvin Crilly and Sophie Hancock.