A chink of light for solar outfit Amarenco
Central Bank clearance has come through for Amarenco, the solar energy investment fund being set up in the IFSC by John Mullins, the former chief executive of Bord Gáis. Mullins will soon be doing the rounds of the big investment houses in London, while a roadshow for retail investors kicks off in Ireland in September. This will be led by Davy stockbrokers.
The fund aims to raise up to €150 million, but once it reaches €50 million it will crank into life. There are projects waiting for investment in England and France. Amarenco hopes that between €25 million and €50 million of the cash will come from Davy high rollers. Institutions will take the rest in bites of €5 million or larger.
I hear Mullins tapped up a buddy for advice in getting the scheme off the ground: Mark Munro, his old mucker at ESB International, is now finance director at Green Property. Munro went through much the same process recently when launching the Green REIT.