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IMPORTANT NOTE: This web page only provides a limited selection of the independent news and features appearing in the latest issue. To receive the full, free publication in PDF format every month, simply email Renewables Fund heads further into windThe Triodos Renewables, a renewable energy fund launched in 1995 as the Wind Fund, is looking to raise £5m before the end of July to finance a series of new wind investments. The prospectus (http://www.clear-profit.com/fw/trio.html) says the extra cash will help finance five new investments. The biggest of them is the £3.4m outright purchase of a single onshore wind turbine and the next biggest, a £2.6m stake in a 50% joint venture with a farmer. Another £1.5m, meanwhile, is on the table as a loan to a company to upgrade its turbines. “I support Triodos, but I would rather be looking at the Ventus VCT which recently come onto the market - although one loses short-term liquidity one gains a 40 per cent tax refund on all capital invested,” said Alan Kirkham, director of financial advisors Investing Ethically (http://www.investing-ethically.co.uk). “It is very different from a venture capital trust,” said fund manager James Vaccaro. Financial projections, he said, are based on dividend income from generating assets rather than capital growth. Jeremy Newbegin, director of The Ethical Partnership (http://www.the-ethical-partnership.co.uk), points to the last Labour government's target for renewable sources to supply 15 per cent of the UK's energy needs by 2015. “This demonstrates that this is an exciting area of potential growth with the added bonus of a predictable income stream. All major political parties are accepting renewable energy must be developed further, so there are few political risks.” While not seeking quick returns, the fund is keen to continue to expand its capital base, “We want to continue growing and we are looking at an AIM listing, which could be as soon as 2006,” said Newbegin. Copyright 2004 Phil Cain t/a Vital Publishing |
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