Portugal-headed renewable energy group Greenvolt – Energias Renováveis, S.A. (Greenvolt) has announced that it has entered into an agreement to acquire 100 percent of Kent Renewable Energy Ltd (KREL), which owns a biomass-fired combined heat and power (CHP) in Sandwich, Southeast England. With this agreed acquisition, valued at £195.3 million, Greenvolt will become one of the top electricity producers from locally sourced biomass in the country.
Subject to customary closing conditions and regulatory approvals, the acquisition is expected to close by October this year.
Well-positioned CHP plant
In 2023, the KREL plant generated approximately 210.8 GWh of energy, equivalent to supplying power to 50,000 homes.
It provides heat and electricity to surrounding industrial parks, with the surplus power being fed into the grid under a long-term contract with Engie.
The plant benefits from renewable energy incentives for biomass in the UK – the Renewable Obligation Certificates (ROCs) until 2037 and the Renewable Heat Incentive (RHI) until 2039.
It is fully aligned with the principles of the circular economy and actively contributes to the UK’s climate goals.
This acquisition strengthens Greenvolt Group’s commitment to one of its strategic pillars, the production of energy from sustainable biomass, making it one of the largest producers of electricity from biomass in England. said João Manso Neto, CEO of Greenvolt.
Second UK biomass plant acquisition
With the planned KREL acquisition, the Greenvolt Group will reach a biomass renewable energy production capacity of 179.2 MW, of which 68.7 MW are in England, making it one of the top five electricity producers in the country using locally sourced biomass.
The Group owns and operates Tilbury Green Power, near London, with an installed capacity of 41.6 MW, using residual wood from construction and demolition (C&D) waste as fuel.
In 2023, Greenvolt generated 998.3 GWh of green energy from biomass.
