3i, Europe’s leading venture capital and private equity company, has strengthened its commitment to the gas and power sector with the appointment of Ian Russell, the former CEO of Scottish Power plc, as an industrialist in residence.

As a prominent industry figure, the appointment of Mr Russell is a major step forward in 3i’s ambition to become the leading private equity player in the European gas & power market.

Mr Russell (54), brings a wealth of experience and knowledge of the energy and finance markets to 3i having worked in the sector for more than 12 years.

His broad remit will cover the identification, analysis and execution of deals in the sector, with the intention then being for him to chair several of these opportunities where appropriate.

Mr Russell joined Scottish Power in 1994 as finance director and was promoted to CEO in 2001.  Mr Russell graduated with a Bachelor of Commerce from the University of Edinburgh and is member of the Institute of Chartered Accountants of Scotland.  He previously worked with HSBC in the UK and Hong Kong.  Mr Russell, who holds a number of non executive director appointments, was recently awarded a CBE for his work in the voluntary sector.

He said: “I was attracted to this role by 3i’s sector expertise and geographic network which is invaluable in the development and success of any business.  The company has already built an enviable knowledge of and market position within the oil and gas industry and I share their belief that the time is right to replicate this in the gas and power sector. Indeed with recent investments in Electrawinds, Global Energy Services (Gamesa’s construction and O&M arm) and Vijai Electricals, 3i is already quickly establishing itself as a major player in this sector. My role is to build on this ambition and identify, introduce and advise on new contacts and opportunities.”

Graeme Sword, head of 3i’s oil, gas & power team, said: “I am delighted that Ian is joining 3I as industrialist in residence.  He is a high profile and experienced gas and power professional with great knowledge of and connections in the industry. His broad experience and know-how, covering both traditional and renewable generation, will be invaluable in enhancing the dynamics of our team and enabling us to further realise our ambitions of becoming the leading private equity player in the European gas & power market.”