Albion Ventures Bolsters Northern Irish PV Company
Albion Ventures 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). 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."
