Solar energy

Ingenious finances GBP27m solar parks project

Ingenious Clean Energy, a division of UK investment and advisory group Ingenious, has completed the financing of a GBP27m portfolio of three solar parks, including a GBP15m loan from Barclays.

The solar parks are in Somerset, Dorset and Hampshire and are owned by three companies in the Ingenious Renewable Energy EIS Fund portfolio.
 
Jeremy Milne, fund manager of the Ingenious Renewable Energy EIS Fund, who led the financing, says: “It is a testament to the quality of the investments made by Ingenious that we can attract debt financing from a leading provider of debt facilities like Barclays.”
 
Neil Fleming, vice president at Barclays’ infrastructure and project finance team, says: “The three solar parks will make a significant contribution to the region, delivering electricity for over 4,000 homes in the South West. We are committed to supporting important projects such as this, which enable communities to benefit from the renewable energy produced in their local area.”
 
The parks were developed by British Solar Renewables.
 
Angus Macdonald, CEO at British Solar Renewables, says: “We are pleased to be working with Ingenious, which has an expert renewable energy investment team and has proved a knowledgeable and capable purchaser and financier of renewable energy assets.”
 
Ingenious is currently raising funds for Ingenious Renewable EIS 2 which closes on 30 June 2014.

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