Big money, clean air?TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Group Inc., the L.A.-based asset management giant, will manage a large clean energy fund targeting European companies. TCW teamed up with reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. giant Swiss Re and environmental consultancy Conning & Co. to raise the European Clean Energy' Fund, which drew $444 million from institutional investors in Europe, Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Although raising the money was a joint effort, TCW will manage the fund by itself. It will provide mezzanine and private equity capital, and will target clean power projects with attractive cash flows and expected returns. The fund also will seek out projects that generate carbon credits and/or renewable energy certificates Renewable Energy Certificates (RECs), also known as Green tags, Renewable Energy Credits, or Tradable Renewable Certificates (TRCs), are the property rights to the environmental benefits from generating electricity from renewable energy sources. that can be traded. "Rapidly increasing demand for clean energy sources makes the launch of this fund very timely," said R. Blair Thomas, group managing director and head of TCW's energy and infrastructure business. Thomas cited power market deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , technology advances, climate change concerns, and the Kyoto Protocol as creating an attractive investment environment for the fund. No word yet from TCW about funds for projects to combat LA smog. |
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