Ingenious Clean Energy, a division of UK based investment and advisory group Ingenious, has successfully closed its pioneering Ingenious Energy Efficiency EIS Fund, exceeding its GBP10m target fund raise.
The fund, which is the first of its kind in the UK, has been launched in collaboration with the Investment Advisors to the Fund, Sustainable Development Capital LLP. It will now begin deploying funds into companies which provide energy efficiency services in commercial and industrial properties.
The UK energy efficiency market presents a unique opportunity for investors as it continues to expand, driven by high and rising energy prices and concerns regarding both energy generation capacity and energy security. There are increasing levels of awareness of the scale of inefficiency with which energy is used in buildings and of the commercial benefits of energy efficiency in terms of reducing costs and improving productivity. The Fund is well aligned with the Government’s green agenda as demonstrated by the new Secretary of State for Energy and Climate Change, Ed Davey, recently announcing the creation of a new 50 strong team to spearhead energy efficiency policy across a range of sectors.
Ingenious Clean Energy forms a core part of the strategy of the Ingenious Group and, in addition to the Energy Efficiency Fund, Ingenious Clean Energy recently closed its Solar UK EIS having exceeded the target raise.
With a strong pipeline of potential projects developed, the companies are now focused on originating and implementing projects in buildings such as hotels, logistics centres, industrial facilities, schools and hospitals.
Following the success of the first Fund Ingenious will shortly be launching a second Energy Efficiency EIS Fund as well as a Renewable Energy EIS Fund.
Sebastian Speight (pictured), Managing Director of Ingenious Clean Energy, says: “The appetite shown for the Energy Efficiency EIS Fund supports Ingenious’ view that the clean energy market has come of age and can provide attractive risk adjusted returns for investors. We are excited about the prospects to augment the success of both this Fund and the Solar UK EIS by extending Ingenious’ range of clean energy investment opportunities.”
James Axtell, Investment Director and Fund Head of the Energy Efficiency EIS Fund, says: “Our belief in the future of the energy efficiency market has been borne out by developments over the last six months and investors have responded positively. Our focus now is on supporting the portfolio companies in their business development as they identify energy efficiency projects with associated benefits to the property owners, the investors and to the environment.”
Jonathan Maxwell, CEO of Sustainable Development Capital, says: “Energy efficiency is one of the most cost effective and largest sources of clean energy and greenhouse gas emission reductions. There is a substantial need for investment in energy efficiency in the UK and the Energy Efficiency EIS Fund is well placed to address it and achieve attractive returns for investors. SDCL’s investment business is focussed on energy efficiency and the Fund brings together our development and investment expertise with Ingenious’ strengths as a leading EIS fund provider.”
