- Siem Europe sold BSR to ICG, which will become the majority shareholder
- ICG Infra I will invest in sustainable European infrastructure
- ICG Infra I raised €1.5bn in commitments in February.
ICG announced on Friday that it has bought British Solar Renewables via its debut infrastructure fund, ICG Infra I. Shepton Mallet-based British Solar Renewables is one of the largest integrated solar developers in the UK. ICG will support BSR’s growth from a developer to an integrated power partnership.
ICG Infra I will continue to invest in sustainable European infrastructure with the fund having raised €1.5 billion in investor commitments in February 2022. London-based ICG acquired BSR from Siem Europe.
“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.”
ICG is a private equity investment firm that has assets under management of £58.6 billion as of 30 June. It invests across private equity, credit and real assets with offices globally.
The BSR management team will remain as shareholders and will work alongside ICG to grow the business and build high quality renewable energy projects to help the UK achieve its net zero emissions target by 2050.
“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.”