A Somerset-based solar renewables company has been acquired by the fund of a London asset management company for an undisclosed sum.
British Solar Renewables (BSR), in Shepton Mallet, has been bought by CG's debut infrastructure fund, ICG Infra. ICG Infrastructure Equity successfully raised €1.5bn in investor commitments in February. The fund attracted commitments from more than 40 clients across Europe, the UK, Australia, the US and Canada.
ICG Infra acquired BSR from Siem Europe and will become the majority owner of BSR. The current management team will remain as shareholders and will work alongside ICG to develop the current pipeline and business.
BSR was one of the first developers of solar panels in the UK. Since its founding in 2011, it has developed, built, and operated nearly 1 GW of solar and energy storage plants in Britain.
Following the deal, ICG said it would support BSR’s growth from a developer to a "leading integrated power producer" within the UK, with the aim of having more than 1.5GW of renewable capacity in operation in the next five years - the equivalent to powering 375,000 homes.
“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the fund’s goal of investing in sustainable European infrastructure,” said Guillaume d'Engremont, head of infrastructure at ICG. “We are confident that BSR’s strong management team, robust pipeline of projects and sophisticated operations positions the firm for continued growth and impact.”
Tim Humpage, chief executive at BSR, said the company was "pleased" to work with ICG Infra to accelerate its development and expand.
He added: "We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we will be able to scale our business with a shareholder that understands and is committed to funding renewables.”
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