July 17, 2018 / 1:02 PM / a year ago

UPDATE 1-Oil trader Vitol, Low Carbon start renewable energy fund

(Adds details on other venture with Low Carbon)

LONDON, July 17 (Reuters) - Vitol and privately held investment firm Low Carbon said on Tuesday that they have jointly started a Jersey-based fund called VLC Renewables to invest in renewable energy assets.

* The new fund has an initial allocation of 200 million euros and will initially target onshore and offshore wind energy projects.

* “By 2025 almost 27 percent of European electricity will be generated from wind and solar. As a major participant in Europe’s power markets and as a significant investor in energy infrastructure worldwide, Vitol is keen to build a portfolio of renewable investments to complement its existing activities,” said Simon Hale, a member of Vitol’s investments team.

* Low Carbon invests in a range of renewable energy technologies including solar, wind, waste to energy, combined heat and power, energy storage and energy efficiency.

* Vitol’s VPI Immingham and Low Carbon launched a joint venture last year to invest up to 250 million pounds in energy storage in Britain.

* In January, they connected two large-scale battery projects that can store a combined 50 MW to the British power grid. (Reporting by Julia Payne; editing by Jason Neely and Ed Osmond)

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