English clean power developer Anesco has been acquired by private equity firms based in Houston, in the U.S., and Dublin, in Ireland, for an undisclosed fee, the Aldermaston-based company announced this morning.
The renewables business – which claims to have developed and installed “more than 115” solar farms, including the U.K.'s first subsidy-free project – said principal shareholder and backer Alcentra would end a six-year association with it.
London-based Alcentra – which specializes in “sub investment-grade corporate debt” will be replaced by the Aksiom Services Group joint venture established by Irish venture capital and private equity fund Aksiom Group and U.S. peer Ara Partners. No financial or shareholding details were revealed by Anesco in a press release issued to announce the deal this morning.
According to the LinkedIn pages of Anesco's new chief investors, Aksiom buys small-to-medium sized European tech and engineering services companies and Ara targets high-growth businesses which feature minimal technological risk.
Anesco said the deal to acquire it comes after Aksiom Services in April acquired infrastructure company PX Group, based in Stockton-on-Tees in the North East of England.
Quoted in today's press release, Anesco chief executive Mark Futyan said: “This is a pivotal moment for Anesco as we gear up to deliver the next wave of large scale, subsidy-free solar and energy storage capacity. Aksiom and Ara are ideal partners for Anesco due to their strong focus on the services business model and commitment to supporting the net zero energy transition. We look forward to working with our new investors to accelerate Anesco’s growth in both our core business areas and by entering new markets.”
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