Bluefield Solar attains 'Guernsey Green Fund' status
UK-based solar asset investment fund Bluefield Solar has been successful in obtaining ‘Guernsey Green Fund’ status, it announced on Tuesday.
The London-listed fund said the Guernsey Green Fund aimed to provide a platform upon which investments into various green initiatives could be made, and gave investors a “trusted and transparent” product that contributed to the internationally-agreed objectives of mitigating environmental damage and climate change.
Following an application to the Guernsey Financial Services Commission via the Route 1 suitable third party certification route, Bluefield Solar said it was deemed to have met the investment criteria as outlined in the Guernsey Green Fund Rules 2018.
Under those rules, the property of a Guernsey Green Fund should be invested with the aim of spreading risk and with the ultimate objective of mitigating environmental damage resulting in a net positive outcome for the environment.
A Guernsey Green Fund should also comprise 75% assets by value that met the Guernsey Green Fund Rules criteria, with the remaining 25% not lessening or reducing the Guernsey Green Fund's overall objective of mitigating environmental damage, nor comprising an investment of a type specified within schedule 3 of the rules.
Additionally, a Guernsey Green Fund should only comprise assets permitted to be held under its principal documents or prospectus and of a nature described in its prospectus, and should not be invested in contravention of limits or restrictions imposed under its principal documents or prospectus.
“The Route 1 suitable third party certification was provided by KPMG Channel Islands in the form of an independent limited assurance report,” the board said in its statement.
“In fulfilling the above investment criteria, Bluefield Solar invests in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield sites.
“The group targets long life solar energy infrastructure, expected to generate stable renewable energy output over a 25-year asset life.”