Venture capital investor Albion Ventures has invested £1.4 million in Erin Solar to develop PV projects for commercial landlords in Northern Ireland.
Erin, which was set up by ISIS Renewables, will build arrays to benefit from Renewables Obligation Certificates (ROCs) and will also sell electricity to landlords at discounted prices.
“Albion’s strong track record and commitment to the renewable energy sector makes them a perfect partner for taking ISIS to the next stage of our development,” said ISIS founder by Lawrence Buckley. “We welcome Albion as a valued investor and business adviser and we look forward to working with the team.”
ISIS manages around £40 million of solar assets in the UK.
The investment is Albion’s twelfth renewables investment and its third in PV.
“For Albion, this represents a first step in what we hope will be a growing partnership with ISIS,” said Marco Yu, investment manager, Albion Ventures.
“We were immediately attracted to the depth of experience at ISIS as well as its passion for driving forward the green economy in the UK. For our investors, Erin Solar is well placed to generate long term, stable returns that are inflation-protected due to a higher ROC banding in Northern Ireland,” added Yu.