Vigor Renewables Ltd, a London, UK-based solar and wind developer, has received a £500,000 investment from Low Carbon Accelerator, a London AIM-listed investment company.
Vigor is a new company formed to take advantage of the recently announced UK feed-in-tariffs, which come into effect at the beginning of April 2010.
The tariffs guarantee an inflation linked income for sub-5MW renewable energy projects, payable to the developer for 20 years in the case of wind developments and 25 years for solar, in addition to the power export and off-take arrangements.
The company aims to partner with land-owners, as well as commercial property owners and managers, to build, own and operate wind and solar power generating assets on sites across the UK. Vigor will design, build, own and operate the installations, while the site owner will receive either rental income or discounted electricity prices for the duration of the feed-in-tariff payment period.
Vigor has already identified a strong pipeline of potential deal-flow and the first project is scheduled to start during the summer of 2010.