Spring Park Capital (“Spring Park”) has lead the acquisition by Foresight of a 7.2MW portfolio of residential solar power installations from Ingenious Infrastructure. Specialist renewable investor Spring Park, was supported by Foresight and Macquarie Bank and the transaction represents the second in a series of acquisitions to consolidate the renewable energy power production market. Spring Park was founded in 2015 by Jeremy Milne and completed its first acquisition in August 2015.
The portfolio acquired consists of 10 companies holding 1,910 separate solar installations located on residential properties throughout the UK. The installations were installed in 2012 and the acquisition marks a further “secondary” transaction by Spring Park providing liquidity to EIS shareholders. Spring Park was founded to undertake these complex technical transactions that are difficult for investors to execute without specialist knowledge.
Jeremy Milne, Founding Partner at Spring Park, said, “This acquisition cements Spring Park’s reputation in the market as the preferred provider of liquidity for EIS and VCT shareholders invested in the renewable energy market. There are £1bn of operating renewable assets are held in EIS and VCT funds in the UK which represents an attractive target for a specialist investor and aggregator such as Spring Park.”
Jonathan Dunn, Investment Director at Ingenious Infrastructure said, “We are very pleased to conclude this sale with Spring Park and Foresight. This successful exit demonstrates Ingenious Infrastructure’s ability to acquire, manage and sell high quality energy infrastructure assets which in turn deliver strong returns for our investors. We were pleased to work with a specialist knowledgeable buyer such as Spring Park and Foresight.”
The acquisition was financed with equity from Foresight and debt from Macquarie Bank.
Spring Park was advised by Mazars Energy Finance, Osborne Clarke and DNV GL
Ingenious Infrastructure was advised by Burges Salmon and Infrata
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