The launch of Amarenco, a new renewable energy asset management business led by a former CEO of Bord Gais, was announced in Dublin recently with the creation of up to 20 jobs. Amarenco will focus on solar photovoltaic (PV) investments in Europe. The company is in the later stages of finalising arrangements for a solar fund, which is awaiting regulatory approval. The €150 million fund will focus initially on assets in the south of England and France. The founder and CEO of Amarenco is John Mullins, who stepped down at the end of 2012 as CEO of Bord Gais. At the launch, he said he was please to announce details of the first investment fund, the Global Solar Income Fund. "We're committed to creating employment of up to 20 positions over the next three years as we add to the company's portfolio of investments," according to Mullins. He added that as experienced international energy executives, the company hoped to bring solid investment opportunities to the market, which should provide secure and stable income from solar power in the UK and France. "We have contractual arrangements to secure assets for the full fund amount with experienced developers and owners' positions in over 200MW of solar power projects in the UK and France," Mullins continued. "Investments will be in fully permitted and low technology risk solar photovoltaic power projects. The opportunity presented to investors is both attractive and realistic with a target 6% annual yield over a ten-year time frame." The CEO said that the fund had been headquartered in Ireland due to the talent on hand from the cleantech and renewable sectors and because Green International Financial Services Centre (GIFSC) was ensuring a pipeline of talent through its investment with Summit Finuas of some €600,000 in new Masters and PostGraduate Certificates in Environmental Finance at Dublin City University. "As well as providing both domestic and international support to businesses such as Amarenco, GIFSC has the potential to place Ireland at the centre of renewable energy investment globally. It's a very timely initiative and one that's already reaping results - seen by the launch of Amarenco," he concluded.