Their VLC Renewables fund will have an opening allocation for €200 million, which will initially be used for wind farms at various stages of the development cycle, including late-stage development, construction and operation, the partners stated.
Vitol will invest this initial €200 million.
Third parties may also be able to invest in the fund, the two companies added.
Low Carbon has funded more than 320MW of solar PV plants in the UK, but does not appear to own any wind power assets, according to its website.
Meanwhile, Vitol’s primary business is trading and distributing energy products around the world, including more than seven million barrels of crude oil daily, it stated.
A previous joint venture between the two companies, VLC Energy, commissioned a 50MW energy storage portfolio earlier this year.
They collaborated on the portfolio with NEC Energy Solutions, which is also supplying a 20MW battery system for Ørsted’s first large-scale energy storage project.
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