Hazel Capital’s two new Renewable Energy VCTs closed to new investment on 10 August, raising GBP41.6 million which, according to Hazel, makes them the most successful ever launch by a new entrant to the market. Shares were allotted to investors on 12 August.
Christian Yates (pictured), partner at Hazel Capital, says: “When we constructed the Hazel Renewable Energy VCTs we were conscious that they should invest in a diversified portfolio of renewable energy projects and not focus on one area. This approach proved popular with advisers and investors many of whom also recognised that this could be their last opportunity to take advantage of a uniquely favourable tax treatment for investment in this sector by VCTs. As a new entrant to the VCT market we view the fund raising for this VCT as a phenomenal success for Hazel Capital and an endorsement of the expertise and track record of our team in managing investments in renewable energy and cleantech.”
The VCTs have already invested in five projects in the UK that qualify for the FIT regime. These investments include; three ground mounted solar projects, one small wind generation project and one rooftop solar project.