Iona Capital, the UK low carbon sustainable fund manager, has sold its interest in Shawton Energy, the developer and owner of rooftop solar PV projects for commercial and industrial clients across the UK, to a fund sponsored by Lazard Asset Management.
As a result of the transaction, Lazard’s Sustainable Private Infrastructure Fund is the new 50% owner of Shawton Energy’s business.
Iona Capital invested in Shawton Energy in 2021 and since then the company has grown significantly with a growing order book for larger solar projects under long-term PPAs.
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.”