Spring Park Capital (“Spring Park”) has acquired a 6.7MW portfolio of residential solar power installations from Oxford Capital Partners.
Spring Park, founded in 2015 by Jeremy Milne who formerly ran Ingenious Renewable Energy EIS Funds, is a specialist renewable investor and is supported by British Solar Renewables and Scandinavian industrial conglomerate Siem Industries. The transaction represents the first in a series of acquisitions to form an independent renewable power production company.
The portfolio acquired consists of 10 companies holding 2,367 separate solar installations located on residential properties throughout the South West of England. The installations were installed in 2011 and 2012 and the acquisition marks the first “secondary” transaction in the UK to acquire and institutionally finance multiple EIS Companies simultaneously. Spring Park was set up to undertake this type of complex technical transaction that is difficult for investors to execute without specialist knowledge.
Jeremy Milne, Founding Partner at Spring Park, said, “This acquisition is ground breaking for the renewable industry and the secondary market for renewable assets. There are £1bn of operating renewable assets that are held in EIS and VCT funds in the UK and which represent an attractive target for a specialist aggregator such as Spring Park and its partners. ”
Angus Macdonald, Managing Director, British Solar Renewables, said “We continue to add renewable power production capacity to our portfolio of assets to complement our renewable power development capability”
Oliver Hughes, Partner and Head of Infrastructure at Oxford Capital said, “We are very pleased to conclude this sale to Spring Park Capital. This successful exit demonstrates Oxford Capital’s ability to aggregate, manage and sell high quality infrastructure asset portfolios, and we were pleased to work with a specialist knowledgeable buyer such as Spring Park.”
David Mott, Managing Partner at Oxford Capital, said, “This sale further validates our approach to infrastructure investing. We make all of our investments in renewable power and other forms of distributed energy in collaboration with first-class installers, operations and maintenance partners. We chose Spring Park as our exit partner as they demonstrated their excellent knowledge to undertake and finance this complex deal”
The acquisition was financed by Macquarie Bank who have provided a finance facility to Spring Park on undisclosed terms.
Spring Park Capital was advised by Mazars Energy Finance, Burges Salmon and OST Energy.
Oxford Capital Partners Infrastructure EIS was advised by Elgar Middleton and Osborne Clarke.
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