Invicta looks for 300m

INVICTA Capital, the asset manager focused on private clients, has launched a fundraising, which aims to raise &pound;300m for the construction and operation of nine biomass plants in Scotland.<br /><br />While Invicta has raised &pound;1.3bn on previous projects since it was founded in 2001, the new scheme will be the first to target institutional money in addition to high net worth individuals.<br /><br />Niall Bamford, managing director of Invicta, said the targeting of institutions followed a process of pre-sounding potential investors seeking exposure to renewable energy.<br /><br />Contracts for both the fuel supply and energy produced are already in place and the fund will aim to pay a net annual return of eight per cent, Bamford said. <br />