Armstrong-managed Solar Growth Limited has completed the acquisition of 39 commercial rooftop solar systems developed by Eden Sustainable Group, with a total capacity of 3,000 KWp. The solar systems all have long-term energy sale agreements linked to the leases and, in most cases, also receive subsidy income under the Feed-in Tariff system.
Solar Growth secured funding from Beringea-managed ProVen Legacy PLC, as part of a new collaboration between Armstrong and Beringea. Armstrong and Eden Sustainable Group are also collaborating on the funding of new-build commercial solar projects as part of a new partnership, with the installation of the first projects expected to commence in September 2020.
Solar Growth is part of a group of IHT trading companies managed by Armstrong, offering UK investors Business Property Relief eligible investments in a portfolio of energy trading projects, with a particular focus on UK solar. Solar Growth is targeting to provide shareholders with growth of up to 6% per annum and regular access to their capital.
Commenting on the deal, Jonathan Hick, Investment Director at Armstrong, said: “We are delighted to have completed the acquisition, and to have established new, strategically important partnerships with Eden and Beringea. The new solar systems will offer greater diversity to the growing portfolio of projects in Solar Growth and, with long-term contracted revenues, provide further mitigation from variable power prices in these uncertain times.”
Scott Burrows, Managing Director of Eden, said, “This is an exciting time in Eden’s growth. We are delighted to build on our strategic partnership with Armstrong and, as we continue to specialise in the solar rooftop space, stimulate sustainable investment and positive change in the fight against climate change.”
Mark Taylor, Partner at Beringea, the Lending Adviser to ProVen Legacy, commented: “This transaction marks an important step in the growth of ProVen Legacy. Through backing Solar Growth, we are developing a valuable partnership with a leading solar energy business, supported by a highly experienced impact investor, Armstrong. We look forward to building on the momentum developed through this initial investment as we foster a long-term partnership with Armstrong.”
For further information on Solar Growth Limited, please visit www.solargrowth.co.uk