September 20 (Renewables Now) - UK low-carbon energy investor and fund manager Iona Capital said on Wednesday that it has sold its stake in rooftop solar projects developer Shawton Energy in a transaction that marks its departure from the St Helens, England-based business.
The Lazard Asset Management-sponsored fund, Sustainable Private Infrastructure Fund, acquired Iona Capital’s 50% stake for an undisclosed sum.
Shawton Energy is specialised in the development and ownership of rooftop solar PV projects for commercial and industrial (C&I) customers across the UK. Iona Capital invested in Shawton Energy in 2021, forming a joint venture with the firm’s managing director Jamie Shaw.
Since then, Shawton Energy built a sizeable order book for larger solar projects under long-term power purchase agreements (PPAs), Iona Capital said.
“The partnership with Shawton Energy over the past two years has been a rewarding one for Iona Capital, generating positive returns for our clients. Rooftop solar remains an attractive sector for institutional investors particularly in meeting carbon reduction targets,” commented Nick Ross, Director of Iona Capital.