Devon Energy unveils new $1bn investment fund to boost renewables in UK

BANGALORE: Devon Energy on Thursday announced the launch of its Energy Future Fund to support new technologies for renewables across the UK.

The fund, the first of its kind to be launched globally, is designed to provide financial support to renewable energy projects, as well as energy-efficient buildings and infrastructure projects, to help them scale up.

The firm said the fund will invest in projects that will “significantly reduce emissions from electricity generation and to support the growth of renewable energy”.

The fund is designed for projects with a financial contribution of up to $50 million and is funded by the Government of the UK as well the Commonwealth Bank and the Commonwealth Investment Bank.

It will be launched by Devon Energy Chief Executive Brian Rake in India on Saturday.

The fund will help build on the company’s successful RIMP program, which was launched in 2014 and which helped create around 1,200 renewable energy jobs across the United Kingdom.