Ogier advises £44.5m environmental fund

The Guernsey office of Ogier has been instrumental in the launch of an environmental Guernsey fund.

Low Carbon Accelerator Limited, a new Guernsey registered closed-ended fund, advised by Advocate Roger Le Tissier and lawyer Andy Lowe, has completed the successful placing of 44.5 million ordinary shares at 100 pence each, raising £44.5m. The ordinary shares will be traded on the AIM market of the London Stock Exchange.

The company’s investment objective is to provide shareholders with an attractive return on their investment primarily through holdings in a diverse portfolio of unquoted private companies providing low carbon products and services.

It will initially invest principally in companies based in the UK, Scandinavia, Germany and California which provide low carbon products and services in relation to buildings, fuels, energy efficiency and energy generation.

The administrator of the fund will be Ogier Fund Administration (Guernsey) Limited which specialises in the administration of private equity funds and already administers a number of AIM listed entities.

The Ogier team also advised on the creation and implementation of the Low Carbon group corporate structure and obtained all relevant licences from the Guernsey Financial Services Commission.

Norton Rose also advised in respect of the AIM listing.