Birmingham firms advise on solar panels deal

SOLAR panel installer Solar Capital has completed the first tranche of an investment from Downing Corporate Finance in a deal advised by Friend and Harvey Ingram in Birmingham.

Downing has made the investment through its Low Carbon Investors venture capital fund.

Solar Capital installs solar panels on residential and commercial roof spaces to generate electricity qualifying for Feed-In-Tariffs (FITs). The investment from Downing will enable the firm to purchase the UK-manufactured panels necessary to meet the growing demand for solar energy.

The firm is jointly owned by Angus Fraser and Dr Henry Clemmey.  

Mr Fraser, managing director, said: “Whilst we created the holistic framework to support our UK communities and businesses with low cost renewable electricity, I wish to credit our professional advisors Friend.

“Their rapid intellectual engagement and response was crucial to ensuring our concept was commercially viable and progressed through to reality. Our investors Downing responded with equal speed and we were ably supported by both legal teams, helping us to complete this transaction in record time. We now have a solar energy framework in place with unlimited potential.”

Georgina Clark, director at Friend, said: “Downing has a great understanding of the market and were immediately impressed with the Solar Capital team and their strong relationships with third parties across the sector.

“Our in-depth knowledge of the renewable energy market has been invaluable in enabling us to advise Solar Capital on the complex aspects of this deal, and we will continue to advise Angus and Henry during what will be a very busy year for Solar Capital as they secure further investment funds to make use of the pipeline of roof spaces that they have in place.”

Legal advice to Solar Capital came from Ateeq Ahmed at Harvey Ingram.  Dickinson Dees advised Downing.

Ateeq Ahmed, an associate at the firm’s Birmingham’s office, said: “With renewable energy becoming increasingly important and the impending changes to the FIT scheme, timing was essential. It is a credit to all the parties involved that the structure and commercial terms were agreed and then implemented in such a short timeframe. It’s always a pleasure to work with entrepreneurs like Angus and Henry and we are very much looking forward to working alongside them as further investment is secured and more systems are installed.”