DEAL ALERT: Jo Probert of Spencer West acts for British Solar Renewables as it is acquired by ICG Infra

10 August 2022

Jo Probert acts for BSR, one of the UK’s largest integrated solar developers, as ICG Infra acquires the business becoming the majority owner. 

Jo Probert, Commercial Partner at Spencer West, acted on behalf of British Solar Renewables as they sold their business to the global alternative asset manager, ICG.  

ICG Infrastructure Equity successfully raised €1.5 billion in investor commitments in February 2022.  

Located in Somerset, British Solar Renewables (BSR) was one of the first developers of solar photovoltaic in the UK. Since its inception in 2011 BSR has successfully developed, built, and operated nearly 1 GW of solar and energy storage plants in the UK to help reduce greenhouse gas emissions and has strong expansion plans to build and operate solar & storage assets in the UK.  

As part of its new partnership, ICG will support BSR’s growth from a developer to a leading Integrated Power Producer (IPP) within the UK with the aim to have over 1.5GW of renewable capacity in operation in the next 5 years, equivalent to powering 375,000 homes.  

ICG Infra has acquired the business from Siem Europe and will become the majority owner of BSR. The current management team will remain as shareholders and will work alongside ICG to develop the current pipeline and business to continue the focus on building high quality renewable energy projects to help the UK achieve its Net Zero emissions target by 2050.  

“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” said Guillaume d’Engremont, Head of Infrastructure at ICG. “We are confident that BSR’s strong management team, robust pipeline of projects and sophisticated operations positions the firm for continued growth and impact.” 

Tim Humpage, CEO at BSR commented: “We are pleased to work with ICG Infra to accelerate our development and expand our capabilities as we transition into one of the leading renewable IPP in the UK. We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we will be able to scale our business with a shareholder that understands and is committed to funding renewables.”  

Asked about her involvement in the acquisition process, Jo Probert, Corporate Partner at Spencer West stated: “This was an incredibly complex transaction due to the level of detail of information that needed to be provided given the size of the BSR Group, particularly as the group has, over time, sold several solar parks and has a number in stock. Full details of the past seven years of transactions had to be provided. I was pleased to be able to bring my expertise to the table. I have extensive experience acting in complex transactions with numerous parties and large quantities of data. I have worked for this particular client since 2010 and therefore have a detailed knowledge of their past. I am also an expert in transactions involving solar parks, so the combination meant that I could deal with the transaction efficiently.” 

Antoine West, Spencer West’s Founding Partner added: “Environmental, Social and Governance (ESG) best practice is built into our business model, and we aim to use our expertise to make a positive contribution in all that we do. Part of our mission is to contribute to a sustainable future in a way that continually impacts the environment. We are delighted to support all our clients professionally on their business journey, especially so when it contributes to the national agenda of reducing greenhouse gas emissions and producing renewable energy sources for the UK.” 

Jo Probert
Partner – Corporate
Johanna Probert is a Partner at Spencer West. She specialises in mergers and acquisitions, MBOs and MBIs, restructuring, refinancing, joint ventures and private equity; particular strengths in the renewable energy sector and care home sector.