News of a significant new UK-based cleantech investment fund, largely bankrolled from the Middle East. From the Carbon Trust announcement -
The Prime Minister has today announced a long-term strategic partnership between Qatar and the UK as part of the UK Government's commitment to forge new partnerships between hydrocarbon producing countries and consumer countries to help the move to a low carbon economy.
The Carbon Trust - set up by the UK Government in 2001 and one of the world’s leading experts on low carbon technologies - has signed a Memorandum of Understanding with the Qatar Investment Authority (QIA) on a new Low Carbon Innovation Partnership to set up a new £250m Qatar-UK Clean Technology Investment Fund and to investigate the creation of a Low Carbon Innovation Centre in Qatar.
The Fund will seek to make venture capital investments in clean energy businesses primarily located in the UK. Selected investment opportunities in continental Europe will also be considered. In addition, the Fund will consider investing in the Gulf Region once an investment capability is established in Qatar. The Fund will begin investing with up to £150m committed from the QIA alongside the Carbon Trust’s commitment. It will look for further funding from other investors to bring the maximum amount to £250m.
The Memorandum of Understanding also includes a commitment to carry out a feasibility study to investigate the creation of a Low Carbon Innovation Centre in Qatar. It will aim to share skills and knowledge on the development, commercialisation and deployment of low carbon technology between the UK and Qatar.