The former head of Irish Energy provider, Bord Gais, has launched a new investment fund aimed at the solar PV market.

According to reports, the new fund, Amarenco, will focus its €150 million of funding on investments in Europe – initially in the south of England and France.

It has been founded by John Mullins, who stepped down as chief executive of Bord Gais in 2012.

Speaking at the launch, he said that the company is targetting of a 6% annual yield for investors over a ten-year period.

The company will be registered in Ireland, and will employ 20 staff, but according to its website has a London office in Covent Garden.

According to the company’s website, the company is aiming to produce 3TWh of electricity from solar PV by 2017.