Foresight Group and Our Generation Limited have agreed a £50 million programme of solar PV installations in the UK over the next 12 months.
Foresight, which already manages solar power assets worth more than £150million, will finance the completed roof installations developed by Our Generation - an energy services company set up in conjunction with Mark Group in 2009. The partnership with Mark Group ensures Our Generation benefits from nearly four decades of energy saving experience and a workforce of more than 1,500 worldwide, making them a leading operator in the global energy saving market.
Foresight will fund the investment from Foresight Solar VCT, which has already raised £20 million from individuals, and from the Foresight Solar EIS, its fourth dedicated solar fund which launched this month. Ricardo Pineiro, Investment Manager with Foresight Group explains:
“For anyone who doubts the opportunity in UK solar PV, this deal demonstrates how quickly the momentum is building. We have had to launch the new Foresight Solar EIS fund just to cope with the demand for funding. If the opportunity develops as we expect, we will have close to £300 million of solar assets in twelve months time.
“We chose to work with Our Generation because quality is absolutely critical. The portfolio we build together will reflect the level of quality demanded by the biggest utility companies. And that in turn will help us deliver attractive returns without exposing our investors to high risks.”
Our Generation are pioneers in developing innovative PV systems, covering the specification, installation and maintenance of solar systems, completely free of charge. Director, Ian Goodwin, added: “Our philosophy is to partner with market leaders, such as Foresight, to develop winning propositions. We have attracted a high level of interest in our business model to date and know that Foresight will have a key part to play as we extend our offering to a wider customer base in the future.”
Our Generation’s solar PV package can be tailored to suit almost any type of roof construction, any age of building and present no upfront cost to the customer. Working in partnership with Mark Group, in 2009, Our Generation installed a 204 panel PV array on a school in the south of England – the largest installation of its kind anywhere in the country.