Global asset manager Intermediate Capital Group (ICG) has acquired a majority stake in British Solar Renewables (BSR) through its debut infrastructure fund ICG Infra I.
ICG Infrastructure Equity, which successfully raised €1.5bn in investor commitments in February 2022, has acquired Siem Europe’s 83.5% stake in the business as well as interests held by “a few minority shareholders”.
BSR’s current management team has meanwhile re-invested in the business and will retain a minority stake.
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.
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.
Located in Somerset, British Solar Renewables was one of the first developers of solar photovoltaic in the UK, ICG said.
Since inception in 2011, BSR has successfully developed, built, and operated nearly 1GW 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 and storage assets in the UK, the company added.
ICG head of infrastructure Guillaume d’Engremont said: “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.”
“We are confident that BSR’s strong management team, robust pipeline of projects and sophisticated operations positions the firm for continued growth and impact.”
BSR chief executive officer Tim Humpage said: “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.”