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New income fund takes advantage of solar energy

Triple Point Investment Management is to launch a new income fund investing in renewable energy.

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Triple Point is looking to raise £100m from institutional and high net worth investors for the Solar Income Fund, designed to provide reliable, long-term cash flows by acquiring a portfolio of renewable energy assets. The fund will invest in the UK, specifically in assets using solar photo voltaic equipment to generate electricity.

The Solar Income Fund is a closed-ended, Ucits fund domiciled in Guernsey. It has a minimum subscription of £10,000, with an initial offer period until 31 December, 2010. The fund will be capped at £100m and aims for long-term dividends of 5-15% linked to retail prices index.

Triple Point is keen to take advantage of the government’s introduction in April this year of a Feed-in Tariff regime that will incentivise renewable energy production and has significantly enhanced the security of expected returns from renewable energy infrastructure.

The returns of the fund will be generated by establishing a portfolio of solar PV installations. The electricity generated from them will either be consumed by the owner of the site/building, or exported to the National Grid.

The fund will be co-managed by the experienced pairing of Ian McLennan and James Cranmer, with Peter Ainsworth as the fund’s environmental policy adviser.

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