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Ingenious secures £27m funding for solar parks

Ingenious Clean Energy has completed a £27m financing for three solar parks in south-west England.

Ingenious Clean Energy, a unit of UK investment and advisory group Ingenious, said it has secured financing for a £27 million (€33.13 in euros, $45.45 million) solar parks project in south-west England, with Barclays providing a £15 million loan.

The three solar parks that comprise the project are located in Somerset, Dorset and Hampshire, and are part of the Ingenious Renewable Energy EIS Fund portfolio, the company said in a statement.

“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,” said Jeremy Milne, fund manager of the Ingenious Renewable Energy EIS Fund.

The parks were developed by British Solar Renewables and will deliver electricity for over 4,000 homes in the south-west region, according to the statement.

Ingenious specialises in renewable energy investment, and is currently raising funds for Ingenious Renewable EIS 2, which is expected to close on 30 June.

The company has raised over £8.5 billion (€10.4 billion; $14.3 billion) since 1998. The unit, Ingenious Clean Energy, was established in 2010 to enable clients to invest in the renewable energy and energy efficiency sectors.

Ingenious identified renewable energy as presenting multiple entry points for delivering low- to high-yield investment opportunities, thanks to a strongly supportive regulatory landscape and a pressing need to reshape the UK’s energy mix.