Viridis Clean Energy ("VCE") is an Australian registered managed investment scheme.
VCE was established on 19 July 2004 and was subsequently registered as managed investment scheme on 1 August 2005.
The responsible entity for VCE is Viridis Investment Management Limited (“responsible entity”). The responsible entity has overall responsibility for the management and operation of VCE. The responsible entity has entered into an Investment Management Agreement with Viridis Energy Capital Pty Limited (the “manager”) under which the manager provides investment management services to the responsible entity in respect of VCE’s clean energy assets.
The responsible entity is entitled to seek reimbursement from VCE for expenses incurred by the responsible entity in relation to the proper performance of its duties in respect of VCE. The responsible entity is not entitled to receive any fees out of VCE. The manager is entitled to receive a fee equal to its costs incurred in providing investment management services in relation to VCE’s clean energy assets. The fee arrangements were amended as part of the management internalisation transaction described below. Prior to this amendment the manager was entitled to receive a fee that included a base fee and a performance fee component. Details of the fees paid to the manager for the period 1 July 2009 to 20 August 2009 are detailed in note 24. to the financial statements.
On 19 August 2009 the VCE securityholders approved the internalisation of the VCE management arrangements through the acquisition by VCE of VEC and its subsidiary entity, VIML.
These arrangements became effective on 20 August 2009 such that, from that date, no external investment management fees are payable by VCE.
The Responsible Entity has overall responsibility for the management and operation of the Fund. The responsible entity has entered into an Investment Management Agreement under which the manager provides investment management services to the responsible entity in respect of the Fund’s clean energy assets.
On 19 August 2009 securityholders approved the internalisation of the Fund managment arrangements through the acquisition by VCET II of Viridis Energy Capital Pty Limited and its subsidiary entity Viridis Investment Management Limited.
Directors of the Responsible Entity and Manager
Following the internalisation of the Fund's management arrangements as described above the Boards of the responsible entity and the manager have been made consistent.
The Boards currently comprise of four Directors, two of whom are independent. As required by the responsible entity’s constitution, one of the independent Directors is the Chairman. The independent Chairman has a casting vote.
The directors of the responsible entity and the manager are: Andrew J. Berry - Independent Chairman Robert Webster - Independent Director Walter Pahor - Director
The Management Team have considerable experience in the global energy industry, across the various aspects of project structuring and investment, financing and asset management.
They have an impressive track record in developing, financing and managing a range of clean energy project investments across more than 6 countries.
Although based in Australia, the Management Team spend a considerable amount of time in each of the Fund’s key investment markets. Members of the team have previously lived and worked for extended periods in several international locations. The Management Team has developed a deep knowledge and understanding of the sector and has built an extensive network of relationships and affiliations which assist in delivering a pipeline of investment opportunities for the Fund.
Edward was the founding CEO and has been a director of the manager since its inception. During this time the company has identified, evaluated and implemented the investments comprising VCE’s asset portfolio and put in place the infrastructure and personnel required to launch the Fund and manage its performance and growth.
Edward has more than 10 years’ experience in the energy industry, both as an adviser and as a management executive. He previously held various management positions with Energy Developments Limited in Australia and in the United States of America, following a career as a lawyer with a leading Australian law firm practising in the areas of corporate law and energy.
Duncan joined the manager as CFO and a director on its inception. Duncan has led VCE’s investment valuation and financing activities and has been responsible for the financial management and performance of its business.
Duncan has 10 years’ experience in the energy industry. He was previously head of corporate finance with Energy Developments Limited, before which he held a range of positions in National Australia Bank Limited, involved predominantly in project and structured finance and including appointments in wholesale banking and credit.
The above executives are supported by a dedicated team of professionals in the areas of accounting, asset management, financial and market analysis and compliance and risk management.
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