UK-based John Laing Environmental Assets Group Ltd (JLEN), an environmental infrastructure investment fund has announced the acquisition of two anaerobic digestion (AD) assets in the UK – Egmere Energy Ltd and Grange Farm Energy Ltd, for a total consideration of around GBP 36 million (≈ EUR 40.2 million). The acquisitions build on JLEN's growing portfolio of AD projects and bring the total capacity of the renewable energy assets in the portfolio to over 269 MW.
The Egmere Energy AD plant is located in Egmere, North Norfolk and was commissioned in November 2014. The Grange Farm Energy AD plant is located in Spridlington, Lincolnshire and was commissioned in December 2014. Both plants were developed by Future Biogas Ltd.
Both plants have a capacity of approximately 5 MWth and predominantly produce biomethane to be injected to the national gas grid. In addition, each plant also has a 0.5 MW cogeneration engine and both are accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FIT) schemes.
Funded by a draw-down under the company’s revolving credit facility, the AD plants have been acquired from venture capital funds managed by Downing LLP, EIS funds managed by Amersham Investment Management Ltd and minority shareholders.
Both plants were developed by Future Biogas that will continue to provide management, operations, and maintenance services to the AD plants after the acquisition. The acquisitions build on JLEN’s growing portfolio of AD projects bringing the total capacity of the renewable energy assets in the portfolio to over 269 MW.
We are pleased with JLEN’s continued investment in the anaerobic digestion sector and look forward to working with our partner, Future Biogas, to continue the strong performance of these assets, commented Richard Morse, Chairman of JLEN in a statement.