UK low carbon sustainable fund manager Iona Capital has sold its interest in a rooftop solar projects developer to a fund managed by Lazard Asset Management (LAM).
LAM’s Lazard Sustainable Private Infrastructure Fund (Lazard SPI Fund) has invested an unspecified amount to become a 50% shareholder in Shawton Energy.
IPE Real Assets understands that Shawton’s founder and managing director Jamie Shaw owns the other 50%.
Shawton Energy is a developer and owner of rooftop solar photovoltaics projects for commercial and industrial companies across the UK.
Iona Capital invested in Shawton Energy in 2021.
Nick Ross, director of Iona Capital, said: “The partnership with Shawton Energy over the past two years has been a rewarding one for Iona Capital, generating positive returns for our clients. Rooftop solar remains an attractive sector for institutional investors particularly in meeting carbon reduction targets.”
The deal is Lazard SPI Fund’s second investment.
Robert Wall, head of sustainable private infrastructure at LAM, said: “We see tremendous potential in distributed, local and behind-the-meter renewable energy generation, such as anaerobic digestion, rooftop solar, and small-scale hydro. These technologies empower businesses to optimize their energy costs and carbon footprint while providing stable, diversified, and uncorrelated cash flows for investors.”
Shaw said: ”By combining Shawton’s operational and project delivery with LAM’s unparalleled investment expertise, we will be able to help even more clients maximize energy efficiency as well as delivering growth to further scale our business.”
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