LDC backs renewables group

Lloyds Development Capital (LDC), the private equity arm of the Lloyds Banking Group, has sunk £17 million into Subocean, the Aberdeen-based renewables group.

The deal, part of a £42 million raising by the company, is one of the biggest private equity deals that's take place in Scotland this year.

LDC’s stake values Subocean Group at £75 million. The company plans to use the money to expand its presence in renewables, offshore wind farms and the oil and gas markets. It also plans to expand abroad.

Today’s deal is LDC’s first investment in Scotland since it opened offices in Edinburgh and Aberdeen last year, and is the fifteenth investment nationally in 2009.