Invicta looks for 300m
INVICTA Capital, the asset manager focused on private clients, has launched a fundraising, which aims to raise £300m for the construction and operation of nine biomass plants in Scotland.
While Invicta has raised £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.
Niall Bamford, managing director of Invicta, said the targeting of institutions followed a process of pre-sounding potential investors seeking exposure to renewable energy.
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.