Spanish eco-village project wins AIM funds
Article Date: Jan 14 2008Classical Renaissance, a business planning to develop sustainable villages in mountainous regions of Spain, has received £2.5 million from AIM-listed investment company Low Carbon Accelerator (LCA). The funding is in the form of a profit-participating loan, and gives LCA an equity stake in the Spanish business’s UK holding company.
This is the third financing round for Classical Renaissance which raised £2.5 million in previous rounds from its management and other investors.
The company has identified 16 potential sites for eco-villages, of which one is under option and three are in advanced negotiation. Each village is expected to combine tourist facilities with the accommodation and infrastructure to support a mixed residential community. A large part of each development will be managed as a nature reserve by a charitable foundation, supported by ground rents from the village.
CEO Nigel Tuersley, who founded the business, was involved in the development of the Docklands area in London. He says: ‘Our advisory team is currently focused on securing sites, particularly in the current downturn where outstanding buying opportunities are now arising.’
LCA listed on AIM in October 2006, raising £44.5 million. The company looks for ‘significant minority holdings’ in companies providing low-carbon products or services across a range of sectors including property, energy efficiency and energy generation.