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Vitol Group, the world’s largest independent oil trader, is set to launch a new fund that will invest in wind farms in Europe, according to Bloomberg. The sum, roughly $234 million, is relatively modest, but the move is highly symbolic.
Vitol largely operates behind the scenes, and thus, does not face the public relations pressures that some oil majors do. As such, its interest in clean energy carries weight.
“We see that challenge facing electricity markets and we are also evolving our business model to adapt to this future,” Simon Hale, investment director at Vitol, told Bloomberg. “We’re trying to create a platform of scale and we think offshore wind is the best means to achieve that.”