January 9, 2012 / 12:45 PM / in 6 years

UPDATE 1-SSE creates $146 mln clean energy fund

LONDON, Jan 9 (Reuters) - SSE Ventures, the venture capital arm of British utility SSE Plc, has transferred its clean technology investments into a new 95 million pound ($146 million) fund, it said on Monday.

The fund will be managed by British venture capital firm Scottish Equity Partners, which will partner with SSE and four institutional investors.

The Environmental Energies Fund has acquired nine clean energy investments from SSE Ventures’ portfolio, including wave energy company Acquamarine Power.

The fund will have “substantial fresh capital available” for investment and has agreed to add up to five further SSE investments to the portfolio in future, SSE said.

“We continue to believe that cleantech companies have an important role to play in developing new technologies and that is why we continue to be involved as a major partner in the (fund),” SSE finance director Gregor Alexander said.

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