FARMINGTON HILLS – Beringea said it has invested $4 million in Cross Solar, a United Kingdom-based residential rooftop solar photovoltaics developer managed by Isis Solar.
Isis Solar is experienced in residential and commercial PV, with a proven model resulting in exceptional uptime and efficiency. The company is one of the UK?s largest residential solar developers and was one of the first businesses to offer free solar panel installations to homeowners. Homeowners receive all of their electricity for free for up to 25 years, and in return, Cross Solar receives payments through the government?s Feed in Tariffs program for the production of renewable energy.
Karen McCormick, an investment director in Beringea?s London?s office, led the deal and will be joining the Cross Solar board of directors.
?Isis has a very strong track record and is one of the most experienced small-scale PV developers in the UK,? McCormick said. ?Solar is a sensible alternative to our unsustainable dependence on fossil fuels, and we believe residential solar PV represents a strong commercial investment based on the government?s revised Feed in Tariffs program.?
Lawrence Buckley, founder and CEO of Isis Solar, will also be joining the board. Buckley has a strong background in sustainable energy planning and previously worked with the UK Department of Energy and Climate Change, European Environmental Bureau, and Ecologist.
?Our experience in solar demonstrates that it is an excellent and practical renewable energy source, and homeowner participation is increasing rapidly,? Bucklley said. ?We are also seeing installation and hardware costs dropping in line with the government?s reduced feed in tariff scheme, and believe that the sector continues to represent a strong investment opportunity. Beringea shares our philosophy and has been able to act extremely quickly and efficiently during this investment process. We are very pleased to have them on board as investors.?
Beringea is the co-manager of the InvestMichigan Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others.
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