Investment management firm Foresight Group has agreed to finance the solar energy company Solarcentury.
The funding, details of which are undisclosed, is to allow Solarcentury to roll out commercial scale rooftop photovoltaic (PV) plants.
The investment will come from the Foresight Solar venture capital trust (VCT), the firm’s third dedicated solar fund. Foresight’s other solar funds have invested in PV projects in Italy and Spain. Foresight partner Jamie Richards, who manages Foresight’s solar funds, comments: ‘Having built utility scale PV plants in southern Europe, we understand the importance of working with experienced contractors with a track record of delivering high quality power plants. The bankability of the contractor is key to enhancing returns through re-financings and exit.’
Derry Newman, CEO of Solarcentury, adds: ‘Rapid deployment is important in this sector, and we value working with experienced investors who understand the nature of PV installation contracts; this allows us to focus on identifying suitable opportunities and accelerating the roll out of PV.’
London-based Solarcentury is a designer and installer of photovoltaic systems for residential and commercial customers. The company was founded in 1998 by executive chairman Jeremy Leggett and currently has 100 staff across the UK, France, Italy and Spain. In the year to 2010, Solarcentury declared a turnover of £34.5 million.
Foresight invests in unquoted UK and European companies, and manages around £200 million of funds, including, enterprise investment schemes and VCTs.