Yorkshire-based Ethos Corporate Finance has secured multi-million pound funding to launch Solar Capital Limited, which will fund solar photovoltaics installations across the UK. The company will offer solar power to private homeowners in exchange for the feed-in tariff payments.
Angus Fraser, a Director of Solar Capital said, “Ethos Corporate Finance took a very innovative and creative approach to this by using their contacts and resources to support and strengthen the management team at Solar Capital Limited before embarking on securing the funding.”
Solar Capital Limited will help Yorkshire homeowners to cut their electricity bills by utilising solar power, while also reducing their carbon emissions. The scheme is also expected to support the local construction industry by using locally-based installation teams.
“We’re based in Doncaster and we want to start the roll-out of our installation in the Humber area because that is gaining recognition as a centre of activity for the renewable energy industry,” continued Fraser.
“How much we invest here, how many householders benefit and how many construction jobs we are able to support all depends on the level of local take-up. We are able to operate nationally but it makes sense to start in Yorkshire, try and allocate all of the initial funding investment in this part of the world and then bring the additional funding here as well.”
Chris Silverwood, a partner at Ethos Corporate Finance said, “We are delighted to have been able to complete this first stage of fund-raising for Solar Capital,” he said. “In Angus Fraser and Henry Clemmey, Downing have partnered with two first-rate operators. I am certain that we are going to hear a lot more from this dynamic partnership.”
The concept is the creation of Dr Henry Clemmey, a former University of Leeds Academic, who is expecting rapid take-up of the first phase of investment.
