Bedell Cristin's Guernsey office advised on the launch of new clean-tech fund12 Dec 2016
Bedell Cristin's Guernsey Office has acted as lead adviser to Jordan based promoter Catalyst Investment Management Company on the launch of its latest clean-tech fund.
The closed-ended fund comprises two parallel funds, both structured as Guernsey limited partnerships, and targets investments in clean energy in the MENA region. Initially, the fund is investing in Jordan, with the aim of expanding its activities to Tunisia, Morocco and Egypt in the future. The fund attracted substantial investment from Development Finance Institutions (DFIs) across two closings in mid and late 2016. The fund is backed by The Global Energy Efficiency and Renewable Energy Fund (GEEREF) (part of the European Investment Bank (EIB)), FMO – the Dutch development bank, Finnfund – the Finnish Fund for Industrial Cooperation, and DEG – a subsidiary of KfW, the German development finance institution.
The Bedell team was led by funds experts Kate Ovenden and Richard Sharp. Commenting on the fund's significance for Guernsey and Bedell Kate said:
"This is a significant new promoter and fund for Guernsey. The investment by these high profile DFIs demonstrates European commitment to the development of clean energy and showcases Guernsey as a jurisdiction suitable for both promoters and investors in this growing sector. We were delighted to be able to help the Catalyst team with their first Guernsey fund."