A new joint venture (JV) between Ethical Power Group and Napier Park Global Capital dubbed Lynher Energy is to invest in large-scale solar and battery storage assets in the UK and Europe.
Ethical Power is to act as servicer to the JV, including the provision of services relating to development, construction, operations and maintenance and asset management.
Indeed, the JV plans on investing in development assets to which Ethical Power can bring its experience in the design, optimisation and construction of renewable energy projects.
Currently, there is a significant investment gap in these green energy assets, the two companies said, with Napier Park planning to fund the investment in the venture from its Multi-Asset Fund.
Ethical Power chief executive and founder Tom Kneen said: “This joint venture will give us a real opportunity to capitalise on the extensive experience we have gained over a decade of working in the sector. It will also allow Ethical Power to accelerate the growth of our European teams and move into new markets thus achieving our target of becoming an international renewable energy generator.”
Earlier this month, Ethical Power entered into a co-development agreement with Public Power Solutions and Hive Energy, targeting 250MW of solar and storage over the next three years. This followed Hive Energy taking a 50% stake in Ethical Power in 2020.