The third open-ended fund from London-based Meteor Asset Management is to be focused on clean energy.

The objective is to achieve medium to long term growth from a portfolio of small to medium sized projects in both industrialised and developing countries which are using or developing a range of innovative clean energy projects. In addition, the projects selected will generate carbon credits which meet UN guidelines.

The carbon credits can be either sold for enhanced fund performance or “retired” enabling investors to offset their carbon footprint or even become “carbon positive”.

Investments will be made, where possible, alongside the major development agencies. Typically, each investment will be in the region of €1-3 million (about $1.5-4.5 million).

The vehicle will be an open-ended protected cell company listed on the Channel Islands Stock Exchange and regulated by the Guernsey Financial Services Commission.