An Abu Dhabi-backed Islamic investment fund has teamed up with Prince Charles, the heir to the British throne, to launch a new $100m green energy venture in the UK.
Tamar Energy, an innovative company focused on producing energy from organic waste, was launched in London this week and was backed by a high profile group of international investors.
The group will be led by Lord Rothschild’s investment trust RIT Capital Partners and Fajr Capital, which is backed by the government-owned Abu Dhabi Investment Council and the government of Brunei.
Additional investors also include Prince Charles’ Duchy of Cornwall and the Sainsbury’s supermarket chain, which is part-owned the Qatar Investment Authority (QIA).
The group has committed more than £65m ($101m) to the venture, which plans to develop a UK network of over 40 plants, which will generate 100MW of green electricity over the next five years.
“The development of renewable generating capacity is central to the UK Government’s energy strategy. We are delighted to have assembled such a strong group of partners, investors and management, to build and develop this important industry in the United Kingdom,'” Lord Rothschild, the chair of RIT, said at the launch.
Fajr Capital is an international Islamic investment firm with a focus on key Muslim markets and has offices in London and Dubai.
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