Guinness Asset Management Announces Successful Exit of Two EIS Portfolios Through Sale of Solar Companies to Aviva
LONDON, December 8, 2016 /PRNewswire/ --
Guinness Asset Management has completed the sale of its Guinness Renewable Energy EIS 1 and 2 portfolio companies to Aviva Investors. Both funds have exceeded the target return of £1.20 per £1 invested with capital returned in the timeframe anticipated at the time of investment.
The Investee Companies built and operated rooftop solar assets located across the UK for both domestic and commercial customers. Commercial customers include National Express and Kingspan Group Plc. Sites were installed between November 2011 and late 2012 and benefit from the UK's Feed-in-tariff subsidy program. The companies were acquired in April 2016 by funds managed by Aviva Investors with final sale conditions discharged in Q4 2016.
Shane Gallwey, EIS Fund Manager at Guinness said: "I am very pleased that we have successfully completed the exits for our Guinness Renewable Energy EIS investors, and surpassed our target return levels. This result demonstrates our capability through the investment cycle including completing an exit with a credible and rigorous buyer. This validates our investment process and was achieved without any debt, minimising risks for our investors."
Chris Villiers, who managed the sale on behalf of Guinness said: "we received approaches from a number of high quality bidders, and we were delighted to complete this transaction with Aviva, whose experienced and professional team are market leaders in the acquisition and management of small-scale solar PV installations."
For further information please contact:
Shane Gallwey / Edward Guinness
Tel: +44(0)20-7222-3475
shane.gallwey@guinnessfunds.com
Guinness Asset Management
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