Green Deal Finance
The Green Deal Finance Company (“GDFC”) has been acquired by Green Bidco No 1 Limited, an independent acquisition company jointly owned by Greenstone Finance and Aurium Capital Markets (“Aurium”).
Greenstone Finance and Aurium have purchased the business and assets of the GDFC along with its existing loan book, with a principal value of more than £40m. Honeycomb Investment Trust (“HIT”), managed by Pollen Street Capital, is supporting the acquisition. The new ownership will continue to service the existing Green Deal Loans and will commence financing of new Green Deal Loans in quarter one of 2017.
Existing Green Deal Plans will continue to be managed as normal by GDFC Services, with no impact on existing Green Deal plan customers. David Brent, Chairman of the Green Deal Finance Company, stated:
"I and the rest of the Board of the GDFC are delighted that, following the announcement by the Government in July 2015 of its decision not to provide further funding for the GDFC, we have completed the sale of the company to a buyer who intends to re-activate the GDFC’s pay-as-you-save lending activities. The sale shows the significant value of the pay-as-you-save system the GDFC developed. With the right backing it has the potential to fulfil the environmental and energy efficiency objectives set out by the Government and the GDFC’s other stakeholders when the GDFC was first established.”
Who are Greenstone Finance?
Greenstone Finance was established in 2015, focusing on investing in start-up companies within the renewable energy and energy efficiency sector. They are a private company, backed by a consortium of investors, aiming to become the leading finance providers to UK homeowners, landlords and SME’s.
Who are Aurium?
Aurium provide investors with access to renewable energy and real estate investment. They are a leading mid-market investment house, specialising in managing risk to provide finance to areas where it is crucial to achieve above market returns without compromising asset security.