AppId is over the quota
AppId is over the quota
LONDON | Tue Sep 27, 2011 11:12am BST
LONDON (Reuters) - Investment in UK-based renewable energy projects by private equity firms has surged, with the value of deals so far this year almost 10 times the total for all of 2010, figures released by law firm McGrigors showed on Tuesday.
The value of renewable energy buyouts struck by private equity firms in the UK so far this year has risen to 585 million pounds, compared with 64.3 million for all of last year, reflecting the growing appeal of green energy projects to investment funds.
"Private equity houses, and other equity investors such as pension funds, have started looking at alternative assets, and renewables has emerged as one of the more attractive options," said Euan McVicar, a partner in the energy and infrastructure team at McGrigors.
"The technology is more proven, the infrastructure in many cases is up and running, and government commitment is clear and strong."
Still, the number of deals has shrunk by two thirds to just three project investments concluded so far this year, showing that investors are prepared to make a small amount of large-scale investments rather than a large number of small deals.
"We've moved from a fairly modest average into megadeal territory," McVicar said.
Britain aims to generate 15 percent of its energy from renewable sources by 2020, which requires huge investment in new technologies.
(Reporting by Karolin Schaps; editing by Jason Neely)
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