Target help raise £2.4m for Ethical Power JV to Install 1MWp in South West UK
- Published: Saturday, 03 September 2011 17:03
Target Corporate Finance has played a key role in securing a £2.4m funding deal for renewable energy company, Ethical Power, from funders Downing LLP.
The deal will finance the installation and maintenance of 1 MWp of solar photovoltaic panels through the creation of a new joint venture company.
Ethical Power was established to provide renewable energy solutions to businesses in the UK. The company advises businesses on reducing their carbon footprints and is a specialist provider of solar power.
Ethical Power’s founders, Tom Kneen and Peter McIntosh, were advised on the deal by Target’s Bristol-based corporate finance team, led by associate director, Jim Shaw.
Jim said: “This deal is an exciting step for Ethical Power. It puts them at the forefront of the solar installation market with the right resources to take advantage of future developments in this young, exciting and high growth area.
“We are delighted to be able to use our extensive experience of the renewable sector to help Ethical Power achieve this funding,” he added.
Following the £2.4m deal, Ethical Power is set to install twenty 50kW rooftop solar PV systems at sites throughout the South West.
Ethical’s Director, Tom Kneen, said: “Jim Shaw and his team at Target have provided a first class service and unparalleled support, enabling us to secure the funds required to deliver this project. 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 LLP manages more than £250m of assets across a range of VCTs and other tax-efficient funds. This includes a number of investments in the renewable energy sector.
Jonathan Boss, a partner in Downing LLP 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.”
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