Ingenious Clean Energy has now closed its Ingenious Energy Efficiency EIS Fund, exceeding its £10 million target. The finance mechanism, which is thought to be the first of its kind in the UK, will be used to support businesses which provide energy efficiency services in commercial and industrial properties.

Launched in collaboration with the Investment Advisors to the Fund, Sustainable Development Capital, the Fund aims to support Government’s ambition to reduce UK carbon emissions by improving buildings’ energy efficiency.

The Energy Efficiency EIS Fund will support the chosen companies in planning and developing projects in buildings such as hotels, logistics centres, industrial facilities, schools and hospitals.

Ingenious recently closed its Solar UK EIS, having exceeded the target, and will shortly be launching a second Energy Efficiency EIS Fund as well as a Renewable Energy EIS Fund.

Sebastian Speight, Managing Director of Ingenious Clean Energy, said: “The appetite shown for the Energy Efficiency EIS Fund supports Ingenious’ view that the clean energy market has come of age and can provide attractive risk adjusted returns for investors. We are excited about the prospects to augment the success of both this Fund and the Solar UK EIS by extending Ingenious’ range of clean energy investment opportunities.”

James Axtell, Investment Director and Fund Head of the Energy Efficiency EIS Fund, said: “Our belief in the future of the energy efficiency market has been borne out by developments over the last six months and investors have responded positively. Our focus now is on supporting the portfolio companies in their business development as they identify energy efficiency projects with associated benefits to the property owners, the investors and to the environment.”

Jonathan Maxwell, CEO of Sustainable Development Capital, said: “Energy efficiency is one of the most cost effective and largest sources of clean energy and greenhouse gas emission reductions.

“There is a substantial need for investment in energy efficiency in the UK and the Energy Efficiency EIS Fund is well placed to address it and achieve attractive returns for investors. SDCL’s investment business is focussed on energy efficiency and the Fund brings together our development and investment expertise with Ingenious’ strengths as a leading EIS fund provider.”