Ingenious Clean Energy finances £27 million solar parks project

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Ingenious Clean Energy, a division of London-based investment group Ingenious, has completed the financing of a £27 million ($46 million) portfolio comprising three solar parks, including a £15 million loan from Barclays.

Developed by British Solar Renewables and located in the counties of Somerset, Dorset and Hampshire in South West England, the solar parks are owned by three companies in the Ingenious Renewable Energy EIS Fund portfolio.

The power capacities of each plant total 21 MW (6.5 MW, 7 MW and 7.5 MW, respectively) and all three are operational and generating electricity, Ingenious spokeswoman Carmen Murray told pv magazine.

"The three solar parks will make a significant contribution to the region, delivering electricity for over 4,000 homes in the South West," said Neil Fleming, vice president at Barclays’ Infrastructure and Project Finance team. "We are committed to supporting important projects such as this, which enable communities to benefit from the renewable energy produced in their local area."

Ingenious fund manager Jeremy Milne, who oversaw the financing of the solar parks, added: "It is a testament to the quality of the investments made by Ingenious that we can attract debt financing from a leading provider of debt facilities like Barclays."

Ingenious is currently raising funds for its Ingenious Renewable EIS 2, which closes on June 30.

The company has raised more than £8.5 billion since 1998. Ingenious Clean Energy was established in 2010 with the aim of investing in the renewable energy and energy efficiency sectors.

Ingenious said it identified these asset classes as "presenting multiple entry points for delivering low to high yield investment opportunities, thanks to a strongly supportive regulatory landscape and a pressing need to reshape the U.K.’s energy mix."