Guernsey: Guernsey-Domiciled Cleantech Funds Prepare Flotations

Last Updated: 29 July 2013
Article by Fiona Le Poidevin

Most Read Contributor in Guernsey, September 2016

Guernsey Finance Chief Executive Fiona Le Poidevin spoke to Jessica Mills-Davies of Clean Energy Pipeline about Guernsey's expertise in cleantech funds.

Several new listings of Guernsey-domiciled funds are on the horizon as the public markets gain popularity as a means to raise finance quickly amid the harsh capital-raising environment in Europe, Fiona Le Poidevin, Chief Executive of fiduciary agency Guernsey Finance, told Clean Energy Pipeline.

The £260 million listing of the Greencoat UK Wind fund in March paved the way for UK clean energy funds to list on the public markets as a way to gain access to capital quickly.

"The success of [Greencoat] has meant others have followed in fairly quick succession," said Le Poidevin. "It's really opening it up to as wide a capital market as possible."

Guernsey has seen a proliferation of domiciled clean energy funds list publicly in recent months, with Bluefield Income Fund being the most notable. It raised £130 million through a flotation on the London Stock Exchange one week ago.

The Renewables Infrastructure Group Ltd. fund, another Guernsey-domiciled vehicle, has already managed to raise the £300 million it targeted in a listing on the exchange that is expected to close this week, according to sources close to the matter.

"I'm told there are a couple more [listings] in the pipeline as well," said Le Poidevin. "Solar seems to be the most viable now."

Le Poidevin predicts an uptick in future investment and public market activity in Guernsey-listed entities as appetite for cleantech investment gradually rebounds.

"We've seen cleantech funds come and go but at the moment people are really keen to invest, particularly in sustainable or ethical investments," she said.

Sources indicated that a fund managed by Resonance Asset Management LLP could be the next Guernsey-domiciled fund to list. British Wind Energy Income Ltd., a fund registered with the Guernsey Financial Services Commission that invests in operating wind farms, would be the most obvious possible flotation, although Resonance was unable to definitively confirm listing plans for the fund today.

"There are no plans at the moment, but there are plans in the future to do that," a spokesperson for Resonance told Clean Energy Pipeline by phone today.

The sheer volume of private equity and other institutional investors located in or operating from Guernsey is a major factor in the high concentration of listings by Guernsey-domiciled funds. "Guernsey has the most companies listed on the London market of any jurisdiction outside the UK," said Le Poidevin. "We have the most listing experience, which means we are the obvious domicile for listing an investment fund."

The resurgence of Guernsey listings is also a consequence of an increasingly sophisticated and growing network of law firms and financial services companies on or linked to the island that are able to connect investors with investment opportunities.

"Guernsey is well known to law firms and fund managers and having developed a trend for infrastructure funds in the last 20 years, that's become a specialty as well as private equity in Guernsey," said Le Poidevin.

Guernsey is boosting its activity in the renewable energy space through its ongoing financial services cleantech initiative, which aims to connect investors and businesses operating in the sector. The island is moving towards its goal of becoming a one-stop-shop for clean energy finance through attracting not only investors but also renewable energy service companies.

The Guernsey government is also in conversations with the governments of the UK, France and the other Channel Islands to discuss growing its marine energy capabilities in partnership with researchers to offer a destination for wind, wave and tidal power to rival Scotland.

"We're getting our own secondary legislation drafted at the moment for our own renewable sources," said Le Poidevin.

Being a self-contained regulatory system has certain advantages for businesses and investors located in the region, which could help aid Guernsey's goal of becoming a renewable energy hub.

Private equity markets in Guernsey have bucked the negative investment trend seen in the UK and the rest of Europe, with 10% growth in the year ended March 2013 in terms of assets under management to about £86 billion.

"In the last three years, our [investment fund] assets have grown 50.3%," said Le Poidevin. "We've seen an upturn....funds have stepped in [for the banks]."

Flexibility is key to this growth. This week has seen the introduction of new regulations for investment fund managers in Europe under the Alternative Investment Fund Managers Directive. Guernsey is able to provide greater optionality for European investors by continuing to offer the pre-existing regulatory regime while also introducing its own opt-in equivalent through a series of bilateral cooperation agreements with securities regulators in Europe.

"We are able to offer the equivalent regime as in the European Union," said Le Poidevin. "We are also able to keep our existing regime, which arguably is likely to be lower-cost. It's more flexible, so you can fit the regulation to the type of fund you have."

An original version of this article was published in Clean Energy Pipeline, 23 July 2013.

For more information about Guernsey's finance industry please visit

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.