Renewable energy company Ethical Power has secured £2.4 million from Downing to finance the installation of solar photovoltaic (PV) panels in a new joint venture.
Renewable energy company Ethical Power has secured £2.4 million from Downing to finance the installation of solar photovoltaic (PV) panels in a new joint venture.
Ethical Power, a provider of solar power and an adviser to businesses on reducing their carbon footprints, will install 20 50kW rooftop solar PV systems at sites throughout England’s South West following the fundraising.
The business takes advantage of the government’s Feed-In Tariff (FIT) programme. Under the scheme created in April last year, the government pays homeowners, businesses and organisations which generate power using small-scale green energy installations such as solar panels.
Tom Kneen and Peter McIntosh founded the company early last year. Kneen, a director at Ethical, comments, ‘We are now looking forward to working with Downing LLP and completing the full installation of our solar PV which will generate free energy for many years to come.’
Downing manages more than £250 million of assets across a range of VCTs and other tax-efficient funds, including a number of investments in renewable energy.
Jonathan Boss, a partner in Downing based in the South West, said: ‘We are delighted to be backing an excellent management team to continue to grow their business, which is set to provide reliable long-term returns for our lower-risk VCT funds while helping the UK to meet its emissions targets.’
