Ethical Power Group, a solar and energy storage project developer, announced that quant investor Greg Skinner acquired a 50% stake in the company from Hive Energy. The founder and CEO, Thomas Kneen, maintains 50% of the business.
The company announced providing an additional £15 million (~$19 million) working capital loan to help with the continued expansion of the company’s operations. Greg Skinner will join the Ethical Power Group board upon the deal’s completion. Skinner is an investor who co-founded the U.K.-based quantitative hedge fund Quadrature Capital Limited in 2010.
Ethical Power specializes in solar PV and battery energy storage systems, providing solutions across the value chain – from design and development through construction and grid connections to maintenance and asset management.
The new investment is expected to enhance Ethical Power’s position as an independent power producer.
Commenting on his investment in Ethical Power Group, Skinner said: “I am excited about Ethical Power’s mission and the work that they are doing to decarbonize the grid. Our values and ambitions are closely aligned – I deeply care about mitigating the impact of the climate emergency and supporting sustainable growth. Given their strong leadership and impressive pace of expansion in recent years, they are well set up for further growth, and I am excited to be a part of the journey with Tom and the team.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 62 solar M&A transactions were executed in 9M 2024 compared to 75 in 9M 2023.
In November, Bord Gáis Energy, an Ireland-based energy supplier and services provider, announced the acquisition of Swyft Energy, a solar photovoltaic installer in Ireland. The transaction’s financial details, which are subject to approval by the Competition and Consumer Protection Commission, remained undisclosed.
