Albion Ventures is backing Erin Solar, an investee company set up by ISIS Renewables, a commercial solar panel management company, to provide commercial landlords with solar photovoltaic solutions in Northern Ireland. The investment from Albion will support Erin Solar in developing solar PV projects in Northern Ireland.
Albion Ventures (‘Albion’), one of the largest independent venture capital investors in the UK, has committed to invest £1.4 million in Erin Solar, an investee company set up by ISIS Renewables (‘ISIS’), a commercial solar panel management company, to provide commercial landlords with solar photovoltaic (PV) solutions in Northern Ireland.
The investment from Albion will support Erin Solar in developing solar PV projects in Northern Ireland, which will benefit from Renewables Obligation Certificates (ROCs).1 Albion seeks to generate income for its funds over a potential 20 year life from selling electricity to the network grid and landlords at a discounted price.
ISIS was founded by Lawrence Buckley in 2010 and was the first company to launch a nationwide free PV offer in the UK. ISIS has built a portfolio of solar PV installations on private dwellings, social housing, commercial properties and open fields. It currently manages £40 million worth of operational solar assets for investors.
This investment is Albion’s twelfth investment into renewable energy and third investment into solar PV and underlines the firm’s strategy of expanding into this sector. It follows the recent launch of Albion Community Power (ACP), a power generation company designed to offer investors relief from inheritance tax after just two years. ACP aims to be a major producer of community scale renewable energy by raising up to £100 million to power some 35,000 UK homes.
Marco Yu, Investment Manager at Albion Ventures said: “For Albion, this represents a first step in what we hope will be a growing partnership with ISIS. We were immediately attracted to the depth of experience at ISIS as well as their passion for driving forward the green economy in the UK. For our investors, Erin Solar is well placed to generate long term, stable returns that are inflation-protected due to a higher ROC banding in Northern Ireland.”
Lawrence Buckley, Managing Director at ISIS Renewables said: “Albion’s strong track record and commitment to the renewable energy sector makes them a perfect partner for taking ISIS to the next stage of our development. We welcome Albion as a valued investor and business adviser and we look forward to working with the team.”
For further enquiries, please contact:
Investment Manager, Albion Ventures LLP
020 7601 1865
Patrick Evans / Kit Dunford
Citigate Dewe Rogerson
020 7638 9571
Notes to Editors:
1 The renewable energy subsidy in Northern Ireland is Renewables Obligation Certificates (ROCs), which are not affected by the change in VCT rules
About Albion Ventures
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £230 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out over £117 million in dividends to shareholders.
Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Conduct Authority.
Albion Ventures recently launched Albion Community Power (ACP), a power generation company designed to offer investors relief from inheritance tax after just two years. ACP aims to be a major producer of community scale renewable energy by raising up to £100 million to power some 35,000 UK homes.