In the UK, Newbridge Energy Ltd will be doubling the size of its workforce and installing three biomass generating units in North Wales after a multi-million pound investment from the independent energy and environmental investment company, Iona Capital Ltd (Iona). It is Iona Capital’s third clean energy investment in North Wales, following its investments in biogas projects at St Asaph and Llwyn Isaf, near Caenarfon.
Newbridge Energy is managed by Phil Wildbur and Darren Davies who originally acquired the business in 2014 and remain significant shareholders in the company. Newbridge’s main operating subsidiary, Blazer Fuels Ltd, is based at Ruthin and processes approximately 20 000 tonnes of virgin wood offcuts each year into premium wood fuel pellets and other products.
Iona Capital’s investment provides us with the catalyst and the confidence to invest and grow our business. Newbridge Energy is now well positioned to expand its biomass operations throughout North Wales and become one of the leading biomass and woodchip producers in the area, said Phil Wildbur, Director of Newbridge Energy.
The plant is located adjacent to a fence post manufacturing plant which supplies the majority of its wood offcuts under a long term supply agreement. Newbridge Energy plans tol increase its workforce to 48 people over the next six months.
The three new woodchip biomass combined heat and power (CHP) plants at Ruthin Biomass Energy Company will generate a combined output of 3 MWe of renewable electricity and 12 MW of reusable heat and are set to enter operation before the end of 2016.
The units will qualify for Renewable Obligation Certificates (ROCs) and the Renewable Heat Incentive (RHI) under the UK Government’s tariff support mechanism for renewable power and heat.
Our investment in Newbridge Energy is another example of private infrastructure funds investing on a sustainable green agenda whilst promoting entrepreneurial businesses. It is Iona Capital’s third clean energy investment in North Wales.Over the past five years, Iona has financed over 20 renewable energy projects in Wales, Scotland and England, all of which supply energy and/or heat to the local grid networks. Creating a sustainable energy sector is a top priority for the UK and Iona’ s biomass projects provide attractive commercial returns to our investors – predominantly local authority pension funds, as well as long term social and economic benefits to local communities, said Nick Ross, joint Managing Director of Iona Capital.
