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Suma Capital acquires majority stake in ATH Bioenergy

Suma Capital acquires majority stake in ATH Bioenergy
Suma Capital acquires 80 percent of the share capital of ATH Bioenergy (photo courtesy Suma Capital).

Spain-headed responsible investment manager Suma Capital S.G.E.I.C S.A (Suma Capital) has announced that it has acquired 80 percent of the share capital of ATH Bioenergy, a company focused on the production and commercialization of biomethane. The remaining 20 percent of the capital will remain in the hands of the promoter, the Swiss company Tibanna AG.

ATH Bioenergy is a pioneering initiative to transform the energy and waste recovery landscape in the Canary Islands towards a more sustainable and competitive future.

With an investment of approximately EUR 100 million, ATH Bioenergy aims to build four biomethane – aka renewable natural gas (RNG) – and biofertilizer production plants in the Canary Islands.

The construction schedule, set to start in stages in the summer of 2024 will cover a plant in Puerto de Arinaga, Gran Canaria, followed by facilities in Tenerife, Fuerteventura, and finally Lanzarote.

Utilize organic waste

The innovative essence of ATH Bioenergy lies in its revolutionary approach to the management and valorization of organic waste, including hotel and supermarket waste, pruning waste, and organic matter.

These materials will be transformed into biogas, upgraded to biomethane, reintegrated into hotels, and marketed to other industries committed to decarbonizing their energy consumption.

This circular model will provide the Canary Islands with a green and indigenous alternative to fossil fuel imports, specifically Liquefied Petroleum Gas (LPG), currently the main energy consumption in the archipelago.

In addition, ATH Bioenergy will address the current challenge of waste management in the islands, playing a key role in the treatment and valorization of organic waste, thus contributing to the reduction of landfills.

Provide biofertilizer

Combined the plants will process approximately 120,000 tonnes of organic waste per annum. This will be sourced mostly from hotel chains for which Letters of Intent (LoI) for collection and management have already been signed.

In addition to the production and commercialization of biomethane, ATH Bioenergy will participate in the organic fertilizer market, providing solutions to farmers, especially banana producers in the Canary Islands.

We are thrilled to be able to count on a first-class team, which brings a deep knowledge of the sector and the energy and waste market in the islands. This is a revolutionary and ambitious project that reflects the concepts of circularity and decarbonization like few others, said Ruperto Unzué, Partner of SC Infra at Suma Capital.

Fifth sustainable infrastructure investment

The investment in ATH Bioenergy becomes the fifth operation of the sustainable infrastructure fund managed by Suma Capital, the SC Climate Impact Fund III, following the operations in Adec Global (slag valorization and aggregates treatment), Zamora Eco Energías (renewable heat networks), Biometano Montes de Toledo (biomethane and compost production) and the Italian CH4T (transformation of biogas plants).

This fund, classified as Article 9 under the SFDR regulation, has a size of EUR 300 million and focuses on investing in companies or projects that drive the fight against climate change, promoting energy transition and circular economy in Europe.

The transaction the value of which has not been disclosed, has been advised on the seller’s side by Alantra, and Andersen Legal, and on the buyer’s side by KPMG, Arup, and Baker McKenzie.

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