11 July 2008

News

Cape Verde Capital, the renewable energy investment arm of the Wates Family, has acquired a 20% stake in Segen for £1m as part of its strategy to build a portfolio of interests in the rapidly growing renewable energy market.

Segen is one of the UK's leading microgeneration suppliers and installers, specialising in small wind turbines, solar PV systems, micro-hydropower and combined heat and power (CHP) systems. Last year Segen installed 75 small wind turbines and this year they are on target for a minimum 100% increase to 150 installations.

Jonny Wates, Chairman of Cape Verde Capital
"Demand for renewable energy solutions is growing quickly as organisations and households wrestle with the twin challenges of climate change and rising energy costs.

"Cape Verde Capital has been established by the Wates Family to play a leading role in the emerging renewable energy market. Segen is a business with talented management, an excellent proposition and a strong plan and we are pleased to have the opportunity to help the business grow in this exciting market."

Andy Pegg, Segen CEO said:
"We are delighted to receive this investment and support from Cape Verde Capital. This marks a great opportunity for the future growth of Segen and will further reinforce our position as a market leader in the UK renewables industry. We welcome Jonny Wates to the board of Segen and will greatly value his experience across the sector and his knowledge of the construction and property development industries."

Cape Verde Capital's investments will benefit from an association with Wates Group which is also wholly owned by the Wates family, as the client base, knowledge and network will all be beneficial to the Companies in which Cape Verde Capital invests and provide synergy with the Wates Group operations.