Swiss-based green-tech company Kanadevia Inova AG is strengthening its commitment to accelerating decarbonization by acquiring Iona Capital Ltd (ICL), a UK-based asset management specialist in renewable gas, along with 11 existing plants and a global pipeline of projects.
According to a statement, the “landmark acquisition” of Iona Capital by Kanadevia Inova – previously known as Hitachi Zosen Inova AG (HZI) – accelerates the evolution of the Kanadevia Inova business beyond business development, engineering, procurement, and construction (EPC), and plant lifecycle service provider into full plant ownership, management, and oversight of renewable gas assets through its Asset Management business unit.
I’m very pleased to expand the company in a way that strengthens our commitment to a future free of wasted waste and adds further resilience to our business. Bringing on board the team and project pipeline of ICL will help us accelerate the adoption of decarbonizing technologies in the UK, across Europe, and globally, said Bruno-Frederic Baudouin, CEO of Kanadevia Inova.
Bringing Kanadevia Inova a step closer to its vision of becoming “a global, vertically integrated green utility”, the move will increase the share of recurrent revenues within the business, building additional resilience and thus sustainably supporting its core EPC offering.
I’m delighted to welcome the ICL team to Kanadevia Inova; their expertise will help us evolve into a more sophisticated and future-proof operation, all the while helping cities and countries meet their net zero goals, Keith Carr, EVP of Asset Management at Kanadevia Inova.
Strengthen Asset Management business
Kanadevia Inova established its Asset Management business unit two years ago with just such an expansion in mind.
The unit will optimize costs and lead times for all manner of facilities in the sector and at any place in the value chain, from business development right through to plant decommissioning.
Iona Capital was formed in 2011 to facilitate long-term sustainable investing in primary low-carbon infrastructure projects.
The acquisition brings 11 operating biogas plants into the Kanadevia Inova Renewable Gas infrastructure.
An additional, substantial pipeline of projects throughout Europe, including the Netherlands, Italy, and the United States, demonstrates the reach of the new business and its potential for further development in new markets.
Over double installed biogas capacity
The deal, the value of which has not been disclosed, sees Kanadevia Inova’s Renewable Gas infrastructure and installed capacity more than double to a total of 18 operating biogas plants, geographically well-diversified in key target markets.
The additional projects, which are advanced in their development, lend longer-term sustainability to the move.
Nick Ross, the Founding Director at ICL will take up a senior position in Kanadevia Inova’s Asset Management team.
It’s hugely exciting to become part of the team at Kanadevia Inova; we’ve known them for some time and have watched their impressive rise onto the global stage. We look forward to working closely with the team and to accelerating the decarbonization drive not just in the UK, but right across Europe and in the United States, said Nick Ross.
In connection with the transaction, ICL retained Evercore Partners International LLP as the sole financial advisor, and Ashurst as legal counsel.
