Integrated solar developer British Solar Renewables (BSR) has been acquired by global alternative asset manager ICG’s debut infrastructure fund, ICG Infra.
ICG Infrastructure Equity raised £1.26 billion (€1.5 billion) in investor commitments in February, enabling the acquisition of the developer from Siem Europe.
The current management team of BSR will remain as shareholders and work alongside ICG to develop its current pipeline, with the company continuing its focus on renewable energy projects in the UK.
ICG will support BSR as it targets 1.5GW of renewable capacity in operation over the next five years.
“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” said Guillaume d'Engremont, head of infrastructure at ICG.
“We are confident that BSR’s strong management team, robust pipeline of projects and sophisticated operations positions the firm for continued growth and impact.”
The acquisition follows BSR announcing it was exploring such opportunities in August 2021, after recognising it will need increased access to construction finance and growth capital.
Since then it has continued to expand its portfolio, including gaining planning consent for its 49.9MW Fambridge Solar Park in December.
“We are pleased to work with ICG Infra to accelerate our development and expand our capabilities as we transition into one of the leading renewable IPP in the UK,” said Tim Humpage, CEO at BSR.
“We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we will be able to scale our business with a shareholder that understands and is committed to funding renewables.”
BSR was launched in 2011, and has since developed, built and operated nearly 1GW of solar and energy storage plants in the UK.