Low-carbon sustainable fund manager Iona Capital has sold its interest in Shawton Energy, a U.K. developer of rooftop solar PV projects for commercial and industrial clients, to a fund sponsored by Lazard Asset Management.
Shawton Energy helps businesses achieve long-term reductions to their electricity costs and carbon footprint through fully funded solutions, including solar PV, solar PV carports, battery-energy storage systems and electric vehicle charging.
In October 2021, Iona Capital formed a partnership with Shawton Energy to become a funded decarbonization partner for commercial and industrial businesses. With a focus on new rooftop solar projects through a power-purchase agreement, the joint venture had a goal to deliver more than £50 million ($61 million) of invested capital in high-quality solar projects throughout the following five years.
“The partnership with Shawton Energy over the past two years has been a rewarding one for Iona Capital, gener