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Matrix pulls VCTs as UK solar FIT remains in doubt

22 Feb 2011

Investment specialist Matrix has pulled its two recently launched clean energy venture capital trusts (VCT) as fears remain that the UK government may withdraw its support for solar installations above 50kW.

Matrix Clean Energy VCT1 and Matrix Clean Energy VCT2 have been withdrawn as uncertainty is likely to cloud much of the fundraising period.

The Department of Energy and Climate Change announced on 7 February that it was to undertake a comprehensive review of the feed-in tariffs that were put in place in April 2010.

The FIT, which gives subsidies to power generated from renewable energy installations sub 5MW, has ignited the UK clean energy industry with a number of new investment vehicles looking to target this area.

The review of the FIT is expected to conclude in July 2011, with any changes to be made effectively immediately.

‘The scale and impact of the changes are currently unknown, and this poses a material risk to both the timing and achievability of returns of the underlying investments in commercial rooftop solar photovoltaic projects by the Companies,’ Matrix said in a statement.

Matrix said after consulting with industry participants to seek clarification, the situation remains unclear and it has withdrawn all funds raise so far back to investors.

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