Sigma Capital Group
First Closing of Sigma Sustainable Energy Fund II at £35 Million
Sigma Capital Group plc (AIM:SGM), the specialist asset management and advisory group, is pleased to announce:-
The first closing of a new private equity fund the Sigma Sustainable Energy Fund II (the “Fund”), at £35 million; and
The appointment of David Sigsworth to the board as a non-executive director.
Sigma Sustainable Energy Fund II
Sigma is pleased to announce the first closing of the Sigma Sustainable Energy Fund II at £35 million with limited partner contributions from chosen strategic partners Scottish and Southern Energy plc (“SSE”)(1) (£10 million), Bank of Scotland Corporate(2) (£12.5 million), West Coast Capital(3)(£10 million) and Sigma Technology Investments Limited (£2.5 million). Sigma Technology Management Limited will act as manager of the Fund.
In addition to its capital commitment to the Fund, SSE will support the Fund by committing resource and expertise, which extends the excellent working relationship developed with Sigma through their collaboration on Sigma’s first energy fund the Sigma Sustainable Energies Fund.
The Fund is Sigma's fourth fund and second sustainable energy fund and has been established for investment in sustainable energy technologies throughout the UK and Europe. The Fund will remain open to further investors for a period of one year and Sigma is confident of attracting additional investors during that period.
David Sigsworth
Sigma is also pleased to advise of the appointment of David Sigsworth to the Board as a non-executive director. David’s appointment will be effective following Sigma’s AGM on 19 June 2007. David has also been appointed as Chairman of the Sigma Sustainable Energy Fund II. David spent over ten years as a main board director of FTSE 100 utility companies and most recently on the board of SSE. David is actively involved in the sustainable energy sector and holds several associated non-executive directorships.
Commenting on today's announcement, Graham Barnet, Chief Executive of Sigma said
“I am delighted that SSE, Bank of Scotland Corporate and West Coast Capital, who are all strongly committed to the sustainable energy sector, have backed Sigma in the launch of this fund. This is a significant move for Sigma in the growth of its asset management business and the expansion of its activities in the sustainable energy sector. We are looking forward to working with all our partners on this unique collaboration, bringing together industry, banking and commercial expertise. I am also very pleased to welcome David to the board of Sigma and look forward to his contribution and to benefiting from his wealth of experience both in business and in the sector.”
Ian Marchant, Chief Executive of SSE, said
"I am pleased that our well-established relationship with Sigma has enabled us to create this new fund. I believe it will help to deliver more sustainable means of producing and using energy. With the participation of Bank of Scotland Corporate and West Coast Capital, it also demonstrates the breadth and depth of the interest which now exists in sustainable energy technologies."
Commenting upon the deal, Ed Wilson, Head of Energy & Environmental at Bank of Scotland Corporate said
"This is an excellent opportunity for Bank of Scotland to make an equity investment in a high-profile renewable sector fund which has the potential to become one of the leading renewable funds in the UK. We're delighted to be further enhancing our strong relationship with Sir Tom Hunter and to be working alongside Scottish & Southern Energy, one of the UK's leading players in the developing sustainable energy sector.
"Our investment in this fund further demonstrates Bank of Scotland's commitment to invest in the renewable energy markets, and to help promote Scotland's position as a leading light in the development of renewable energy industries."
Paul Davidson, partner in West Coast Capital noted;
“We see renewables as a growing component of our investment strategy moving forward. Scottish & Southern introduced us to the Sigma opportunity and we are delighted to be co-investing with them alongside Bank of Scotland Corporate and Sigma. The combined expertise of Sigma and SSE gave us the confidence to invest.”
(1) Investment via subsidiary SSE Venture Capital Limited
(2) Investment via subsidiary Uberior Oil & Gas Limited
(3) Investment via subsidiary TBH Investments Limited
