Guinness Asset Management has completed to sale of two portfolio companies responsible for domestic and commercial rooftop solar assets to Aviva Investors.
Guinness Renewable Energy EIS 1 and 2 were launched in June 2011 and May 2012 respectively and both exceeded the target return of £1.20 per £1 invested, with capital returned in the timeframe anticipated at the time of investment.
Shane Gallwey, EIS fund manager at Guinness, said: “I am very pleased that we have successfully completed the exits for our Guinness Renewable Energy EIS investors, and surpassed our target return levels.
“This result demonstrates our capability through the investment cycle including completing an exit with a credible and rigorous buyer. This validates our investment process and was achieved without any debt, minimising risks for our investors.”
The assets, which include commercial installs fro National Express and Kingspan, benefit from the higher rates available under the government’s feed-in tariff between November 2011 and late 2012.
These payments will now be received by Aviva, which acquired the companies in April 2016 with final sale conditions discharged this quarter.
Chris Villiers, who managed the sale on behalf of Guinness, said: “We received approaches from a number of high quality bidders, and we were delighted to complete this transaction with Aviva, whose experienced and professional team are market leaders in the acquisition and management of small-scale solar PV installations.”