Beringea invests in Cross Solar
February 22nd 2012
The investment will support the expansion of Cross Solar
(London, UK) Beringea, manager of the ProVen VCTs, has announced a £2.5 million investment in Cross Solar, a residential rooftop solar PV developer managed by ISIS Solar.
ISIS is one of the UK’s largest residential PV developers, being one of the first in the market to offer installations free to homeowners. Homeowners receive all of their electricity for free for up to 25 years, and in return Cross Solar benefits from 25 year guaranteed Feed In Tariffs. ISIS is extremely experienced in residential, commercial, and social PV, with a proven model resulting in exceptional uptime and efficiency.
The investment, which will come from Beringea’s ProVen VCT, ProVen Growth & Income VCT, and Proven Planned Exit VCT, will support Cross Solar in installing up to 1.4MW of power across circa 400 rooftops. Approximately 40-50% of installations will be installed by 3 March 2012, with the remainder installed by end of March.
Karen McCormick, Partner and Investment Director at Beringea, led the deal and will be joining the board as a non executive director. Commenting on the deal Karen said:
“We are delighted to be working with the ISIS management team in Cross Solar. ISIS has a very strong track record and is one of the most experienced small-scale PV developers in the UK. Solar is a sensible alternative to our unsustainable dependence on fossil fuels, and we believe residential solar PV represents a strong commercial investment based on the government’s revised Feed in Tariffs.”
Lawrence Buckley, founder and CEO of ISIS Solar will also be joining the board. Lawrence has a strong background in sustainable energy planning, having previously worked with DECC, EEB, and Ecologist.
Lawrence commented: “Our experience in solar demonstrates that it is an excellent and practical renewable energy source, and homeowner participation is increasing rapidly. We are also seeing installation and hardware costs dropping in line with the government’s reduced Feed in Tariff scheme, and believe that the sector continues to represent a strong investment opportunity. Beringea shares our philosophy and has been able to act extremely quickly and efficiently during this investment process. We are very pleased to have them on board as investors.”