London-based energy and environment merchant bank Turquoise’s Low Carbon Innovation Fund (LCIF) has realised the successful exit of Colchester-based solar developer and EPC contractor, Push Energy.

Acquired for £750,000 in October 2013, LCIF has sold its stake in Push Energy as part of a share buy-back for £1,866,240. The exit represents a 60% IRR for LCIF, almost 2.5 times its original investment.

Push Energy has secured planning permission for around 140MW of solar farms across the UK, completing 93MW of capacity so far through its EPC contractor subsidiary, Push Build.  

On announcing the exit, Francis Wright co-founder and managing director of Turquoise, said: “To have assisted in the rapid growth of Push Energy and achieved an exit in less than two years is a fantastic achievement. Push Energy was pre-revenue when LCIF invested, but we backed a strong management team who have delivered on their business plan. The intention of LCIF is to support companies like Push Energy to take their next step and this exit demonstrates that the process we are undertaking is achieving the desired results.”

Stuart Bradshaw, CEO at Push Energy, added: “We are very pleased with the funding and support we have received throughout our relationship with LCIF and Turquoise. Push Energy has now entered a new chapter in its development and we intend to further invest in our goal of providing professional and cost-effective solutions to the need for large-scale renewable energy generation.”