FSP advises CIOSF on investment in renewable energy specialist Inyanga Marine Projects

Penelope Garden (Partner and Head of Private Equity and Venture Capital) has advised the Cornwall and Isles of Scilly Investment Fund (“CIOSF”) on its minority £0.8m equity investment in Penryn-headquartered Inyanga Marine Projects. The investment was part of a £2m capital raise led by The FSE Group (the appointed fund manager of CIOSIF) with investors including CIOSIF, French company SerEnMar’s Ship As A Service® (SAAS) and private investors.

The investment will be used to fund the expansion of Inyanga’s business, including the purchase of a DP2 Multi-Purpose Vessel, Inyanga Entsha.

Formed in 2017 by Richard Parkinson, Inyanga Marine Projects provides expert operations services and engineering design within the offshore renewable energy sector (including tidal, offshore wind, wave and solar). The sector is thriving as part of global moves towards a net zero carbon economy with Cornwall and the UK particularly active.

Martin Macey, the Investment Manager at FSE Group who led the investment on behalf of CIOSIF, commented: “It is a privilege to work with Richard and the team at Inyanga which comprises some of the world experts in offshore renewables. We look forward to helping scale this innovative business in such an important sector.”

Richard Parkinson, CEO at Inyanga added: “Martin and the team at FSE went above and beyond to help us plan and structure the capital raise. Their commitment was evident throughout and we are delighted with the outcome.”

The £40m CIOSIF provides debt and equity finance from £25,000 to £2million, to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP). CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.