HomeSun In 100 Million Deal With Aviva Investors
Aviva Investors today announced that it has acquired a 23MW portfolio of residential photovoltaic (PV) systems built on 7,000 UK domestic houses from HomeSun Holdings Ltd. The acquisition of the 23MW solar PV residential portfolio represents the largest residential scale renewable transaction completed in the UK and marks the first time that a major financial institution has procured UK residential PV assets on this scale. The deal has been estimated to be worth £100 million.
Daniel Green, CEO of HomeSun said, "HomeSun launched free solar across the UK and became the No 1 installer for free solar and SolarShare. Our plan has always been to find a long term partner that will continue to provide security to our customers whose systems will be managed and monitored for 25 years. Aviva Investors has demonstrated itself to be the ideal choice throughout the process. HomeSun will continue to work with all of our customers, supporting all of the installations and developing the next innovation in products and services".
Ian Berry, Fund Manager "“ Infrastructure & Renewable Energy at Aviva Investors said, "This strategic investment in UK renewables is one of many we have planned and is part of our strategy of investing in high quality renewable energy infrastructure assets. We are delighted to have concluded this transaction and acquired these operational renewable energy assets. In this challenging environment, we are focused on leveraging our leading market position, sector knowledge, and financing skills in order to identify attractive opportunities and execute deals for the benefit of investors. Many institutions are looking to invest in assets that offer secure and long-dated income streams, in order to meet their liabilities, and infrastructure as an asset class has the potential to meet these needs."
Aviva Investors was advised by AgFe, a specialist financial adviser, and by Clifford Chance LLP (legal) and OST Energy (technical). HomeSun was advised by PwC (financial) and Eversheds LLP (legal).
