Ingenious clean energy fund finances 27m solar parks project

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Ingenious clean energy fund finances 27m solar parks project

Ingenious Clean Energy has completed the financing of a £27 million portfolio of three solar parks, including a £15 million loan from Barclays.

The solar parks are in Somerset, Dorset and Hampshire and are owned by three companies in the Ingenious Renewable Energy EIS Fund portfolio.

Jeremy Milne, Fund Manager of the Ingenious Renewable Energy EIS Fund, who led the financing, said:

"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."

Neil Fleming, Vice President at Barclays' Infrastructure and Project Finance team, said:

"The three solar parks will make a significant contribution to the region, delivering electricity for over 4,000 homes in the South West. We are committed to supporting important projects such as this, which enable communities to benefit from the renewable energy produced in their local area."

The parks were developed by British Solar Renewables. Angus Macdonald, CEO at British Solar Renewables, said:

"We are pleased to be working with Ingenious, which has an expert renewable energy investment team and has proved a knowledgeable and capable purchaser and financier of renewable energy assets."

Ingenious is currently raising funds for Ingenious Renewable EIS 2 which closes on 30 June 2014.

Ingenious has raised over £8.5 billion since 1998. Ingenious Clean Energy was established in 2010 to enable clients to invest in the renewable energy and energy efficiency sectors.

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