Advisory firm Target Corporate Finance has helped secure a £2.4m funding deal for renewable energy company, Ethical Power, from funders Downing for the installation of a 1MWp solar project through the creation of a new joint venture company.

Following the confirmation of the deal, Ethical Power will work to install 20 50kW rooftop solar PV systems throughout South West UK.

Ethical Power's Founders, Tom Kneen and Peter McIntosh, were also advised on the deal by Target's Bristol-based corporate finance team, led by associate Director, Jim Shaw.

“This deal is an exciting step for Ethical Power. It puts them at the forefront of the solar installation market with the right resources to take advantage of future developments in this young, exciting and high growth area,” explained Shaw.

Ethical Power was established to provide renewable energy solutions to businesses in the UK. The company advises businesses on reducing their carbon footprints and is a specialist provider of solar power. 

Downing LLP manages more than £250m of assets across a range of VCTs and other tax-efficient funds including a number of investments in the renewable energy sector.