Penningtons Solicitors LLP has advised Cape Verde Capital, the renewable energy investment arm of the Wates Family Enterprise, a major UK construction and property development business, on its first £1 million investment in Hampshire-based company Segen, an independent power producer which operates clean energy installations across Europe.
The investment represents a 20% stake in Segen and is part of Cape Verde Capital’s strategy to build a portfolio of interests in the rapidly growing renewable energy market. As part of this transaction, Jonny Wates, chairman of Cape Verde Capital, joins the board of Segen.
Penningtons’ business services team, led by partner Sarah Scarlett, advised Cape Verde Capital on the investment.
Commenting on Penningtons’ role in the initiative, Sarah Scarlett, who is based at the firm’s Godalming office, said: “This instruction, which involved lawyers from all three of our offices, enabled us to demonstrate the breadth of our expertise in private equity investment matters. We are delighted to have been able to assist Cape Verde Capital as it develops its business in this exciting market.”
Hunton & Williams LLP acted for Segen on the transaction.