Investor AMPYR Distributed Energy (ADE) has acquired renewable energy solutions developer Eden Sustainable.
Eden is a developer in the UK’s commercial and industrial (C&I) renewables space, offering an end-to-end service with its solar solutions. It will retain its brand, team and head office after the acquisition, which will see ADE provide strategic support to the business.
The acquisition leaves Jamie Brimblecombe and Justin Leger as joint managing directors of Eden. The deal also sees Eden’s founder, Steve Baker, stay with the business in “an advisory capacity” for three years. Eden was founded in 2014 and in 2018 funded and completed one of the first high profile subsidy-free commercial solar PV installs.
ADE’s model offers businesses solar and battery energy storage installations at no upfront cost, financed through power purchase agreements (PPAs). It provides funding to over 20 renewables developers across the UK and Europe and has contracted over 50MW renewable energy generation capacity across over 50 sites in the UK.
Recently, this saw the firm install a 224kW rooftop solar array at exotic mushrooms producer Smithy Mushrooms’ Lancashire HQ.
ADE was formed in January 2024, launched by Singapore-headquartered AGP Group with an initial capital commitment of up to £100 million. Last week, it secured a £170 million debt facility with French finance major Crédit Agricole CIB, which can be drawn upon for construction and operational costs.
The news comes shortly after ADE’s CEO John Behan wrote to energy secretary Ed Miliband and GB Energy chair Juergen Maier to emphasise the role that private sector investors can play in supplementing government funding, pledging to match the state-owned energy company’s £180 million investment in public sector solar PV.
Eden provides solutions to private and public sector organisations and has experience delivering solar for school trusts.
Behan said of the Eden acquisition: “We have invested in a number of projects delivered by Eden over the past year and have been hugely impressed with the team’s reliable and efficient approach to project delivery.
“This acquisition will allow ADE to support more of our partners with Eden’s development capabilities, as well as expand our upfront sales and project delivery capabilities to meet growing demand for onsite renewable solutions.”
Solar Power Portal has reached out to the companies to ask about the financial detail of the acquisition.
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