Greg Skinner, co-founder of UK-based quantitative hedge fund Quadrature Capital, has acquired a 50% stake in UK-based renewable energy firm Ethical Power Group from Hive Energy.

Hive Energy acquired the 50% stake in the company in November 2020.  

The deal includes a £15m ($18.8m) working capital loan to support Ethical Power's growth.

Skinner will join the company's board, complementing the existing ownership of founder and CEO Thomas Kneen, who retains a 50% share.

Ethical Power Group founder and CEO Tom Kneen stated: “Following our very successful partnership with Hive Energy, we felt a new partner is needed to help us reach the next stage of growth. We contemplated various financing alternatives and ultimately decided that an experienced private investor will best match our needs.

“We are proud to have found a UK-based partner and proven entrepreneur in Greg Skinner. He shares Ethical Power’s vision, and his investment and support will enable us to achieve even more, including our first projects in Italy and New Zealand, as well as growing the portfolio of owned and maintained projects in the UK.”

Ethical Power, established in 2010, offers solar EPC [engineering, procurement and contracting] and battery storage installation. It has a portfolio of more than 30 projects, generating revenues exceeding £400m.

Greg Skinner has made this investment in a personal capacity. The investment in Ethical Power aligns with his philanthropic and business objectives.

The additional funds from Skinner will bolster Ethical Power's capabilities as an independent power producer and enhance its financial standing, paving the way for further expansion.

The collaboration between Hive Energy and Ethical Power Group will persist, with joint venture development projects in the UK, such as Hive Ethical Project Development, continuing.

Hive Energy will maintain a minority stake in these development projects, and further joint international development projects are anticipated.