ICG, the global alternative asset manager, has announced that its debut Infrastructure fund, ICG Infra I (“ICG Infra”), has acquired British Solar Renewables (“BSR”), one of the largest integrated solar developers in the UK.
Located in Somerset, British Solar Renewables (BSR) was one of the first developers of solar photovoltaic in the UK. Since inception in 2011, BSR has successfully developed, built, and operated nearly 1 GW of solar and energy storage plants in the UK to help reduce greenhouse gas emissions and has strong expansion plans to build and operate solar & storage assets in the UK.
As part of its new partnership, ICG will support BSR’s growth from a developer to a leading Integrated Power Producer (IPP) within the UK with the aim to have over 1.5GW of renewable capacity in operation in the next 5 years, equivalent to powering 375,000 homes.
Tim Humpage, CEO at BSR commented: “We are pleased to work with ICG Infra to accelerate our development and expand our capabilities as we transition into one of the leading renewable IPP in the UK. We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we will be able to scale our business with a shareholder that understands and is committed to funding renewables.”
ICG Infra has acquired the business from Siem Europe and will become the majority owner of BSR. The current management team will remain as shareholders and will work alongside ICG to develop the current pipeline and business to continue the focus on building high quality renewable energy projects to help the UK achieve its Net Zero emissions target by 2050.
“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” said Guillaume d’Engremont, Head of Infrastructure at ICG.