Ingenious injects £1 million in own solar VCTs

Fund manager Ingenious has committed £1 million to its own solar venture capital trusts (VCTs) from the group’s corporate balance sheet.

Ingenious launched the two Solar UK VCTs in November last year, with a target to raise up to £30 million that will fund investments in solar energy projects across the UK. The ventures are being advertised as being able to take advantage of the government’s ‘feed-in tariffs’ (FITs), which are to be paid to businesses who contribute green energy to the national power grid.

There is a minimum five-year holding period in the VCTs.

Sebastian Speight, investment director at Ingenious Ventures, says the VCTs have already raised £4 million, and the self-investment is a ‘sign of confidence’ from the parent company ahead of a maiden deal for the funds.

He adds, ‘We are delighted to have the backing of the Ingenious Group which is a strong validation of the investment strategy as it will not benefit from the associated tax benefits available to private investors. With close to £4 million now raised and growing, we are looking to acquire our first project in Cornwall within weeks.’