Albion Ventures has made a GBP2m investment in Engensa, a domestic solar panel installer, to provide a free solar energy offer to domestic home owners in the Windsor and Maidenhead area.
The programme will see Engensa install Solar PV systems equal to 2.6kWp, 3.3kWp or 9.9kWp on approximately 200 homes in the area.
The investment from Albion Ventures will support Engensa in the installation costs of the solar panels and will benefit from any feed-in-tariffs. Home owners will pay nothing (or a limited amount if their roof is not qualifying) but have the right to use the energy generated by the panels free of charge.
Albion Ventures seeks to generate income for the funds over a potential 25 year life while home owners will receive between 1,500kWh and 3,000kWh of free green energy per year.
Michael Kaplan, partner at Albion, says: “It is Albion’s strategy to grow investment in the renewables sector. As a part of that strategy, we have been looking at a number of businesses which would allow us to invest in secured assets with long terms sustainable yields. We’re delighted to have found the right partners in Engensa after many months of due diligence. We were instantly struck by both their depth of experience as well as their absolute commitment to driving forward the green economy in the UK. We very much look forward to seeing our investment at work generating green energy.”
Toby Darbyshire, chief executive of Engensa, says: “Albion Ventures have demonstrated their commitment to the renewable energy sector and a clear understanding of our desire to help families and the environment benefit from it at no cost. We want to make a difference and Albion Ventures have allowed us to start.”
